The Government has announced a delay to MTD for Income Tax Self Assessment (ITSA). And with everything that’s going on here in the UK at the moment, I’m sure there won’t be too many people annoyed about that.
Bringing Self Assessment into the Making Tax Digital programme remains firmly on the agenda for The Government though. As such, they have stated it will be introduced a year later than originally planned which now means the tax year beginning in April 2024.
General partnerships will not be required to join MTD for ITSA until the tax year beginning in April 2025. It will be confirmed at a later date when all other types of partnerships will be required to join.
The new system of penalties for the late filing and late payment of tax for ITSA, announced in March 2021, will accordingly be introduced for those mandated for MTD for ITSA in the tax year beginning from April 2024, and for all other ITSA customers in the tax year beginning in April 2025.
A News Release covering this announcement is available at: Businesses get more time to prepare for digital tax changes – GOV.UK (www.gov.uk).
Help and support with the delay to MTD for Income Tax
If you need help with this or closing or any other aspect of your Self Assessment Tax contact me now.