MTD for Income Tax pilot now live

Industry News - 4th June 2024

HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live.

Accountants, agents and individuals are able to sign up to the pilot and test the programme out. The pilot aims to assess the MTD for ITSA reporting environment, with an initial focus on those who are self-employed and landlords with annual income exceeding £50,000. Signing up to MTD for ITSA will become mandatory for individuals with income in excess of this threshold from 6 April 2026.

Those signing up to the pilot will be required to keep digital records and submit quarterly updates on their income and expenditure to HMRC via MTD-compatible software so that HMRC may test and develop the system.

Chosen software must be able to create and store digital records of business income and expenses, send quarterly updates, receive information from HMRC and make your final declaration by 31 January, as part of the submission of tax returns.

HMRC recommends checking with the software providers when choosing software to ensure it suits businesses’ needs.

Contact us for more information on MTD for ITSA.

Internet link:GOV.UK

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