Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) has been delayed by a year to 2024/25.
The delay by the government is to give the self-employed and buy to let landlords an extra year to prepare for the digitalisation of Income Tax.
The deadline date will also allow HMRC more time for customer testing of the pilot system.
The start date for partnerships to join MTD for ITSA has been put back still further to the tax year beginning in April 2025.
There has been no change to the £10,000 per annum gross income threshold which means that most self-employed traders and buy to let landlords will be mandated to comply with MTD for income tax from April 2024.
“Making Tax Digital has been heavily scrutinised, mainly due to its tight timeframe,” said John Moorhouse, director at Ellis & Co Chartered Accountants and Business Advisers.
“This delay will help those who aren’t yet prepared for Making Tax Digital.”
Ellis & Co has extensive knowledge of all of the leading accounting software packages, and we are accredited partners of Xero, QuickBooks, Sage and FreeAgent.
We are able to assist with the set-up of new accounting systems or migration between software packages.
Our in-house accounting software specialist Anna Rowson-Smith, has trained up many of our clients so that they can use their chosen accounting software to its full potential.
Anna will be with you every step of the way; offering impartial advice from the start; she will review your needs, your resources and offer a solution that is best for you.
Anna also provides three hours of FREE set-up and training to all our clients.
For further information on this contact our team on 01244 343504.
Ellis & Co Chartered Accountants and Business Advisers, Chester & Wrexham - 01244 343504, firstname.lastname@example.org