{"id":2329,"date":"2022-12-20T15:27:12","date_gmt":"2022-12-20T15:27:12","guid":{"rendered":"http:\/\/www.robbtax.co.uk\/blog\/?p=2329"},"modified":"2022-12-21T15:31:22","modified_gmt":"2022-12-21T15:31:22","slug":"mtd-for-itsa-postponed-by-two-years","status":"publish","type":"post","link":"https:\/\/www.robbtax.co.uk\/blog\/mtd-for-itsa-postponed-by-two-years\/","title":{"rendered":"MTD for ITSA postponed by two years"},"content":{"rendered":"<p>The Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) initiative has been delayed by two years, it has been revealed.<\/p>\n<p><!--more--><\/p>\n<p>It will now be phased in from April 2026 for a smaller number of businesses, rather than the previously announced launch date of April 2024.<\/p>\n<p><strong>How will this impact you?<\/strong><\/p>\n<p>From the new start date, MTD for ITSA will now only apply if you have an income exceeding \u00a350,000.<\/p>\n<p>You will still need to keep digital records and provide quarterly updates on your income and expenses to HMRC through MTD-compatible software.<\/p>\n<p>If you have an income between \u00a330,000 and \u00a350,000, you will also need to comply with this from April 2027.<\/p>\n<p>However, all taxpayers will be able to join voluntarily.<\/p>\n<p><strong>Will this impact SMEs?<\/strong><\/p>\n<p>There will also be a review into the needs of smaller businesses originally due to use the system in 2024, particularly those under the \u00a330,000 income threshold.<\/p>\n<p>The review will consider how MTD for ITSA can be shaped to meet their requirements and the best way for them to fulfil their Income Tax obligations.<\/p>\n<p>It will also inform the approach for any further rollout of MTD for ITSA after April 2027.<\/p>\n<p><strong>Why has the implementation of MTD for ITSA been delayed? <\/strong><\/p>\n<p>Due to our current difficult economic environment, the delay aims to give self-employed workers, sole traders, and landlords more time to prepare for the changes.<\/p>\n<p>A survey of Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT)\u00a0members found 97 per cent of the 322 professionals questioned said the top three reasons for concern are:<\/p>\n<ul>\n<li>Taxpayer awareness<\/li>\n<li>Taxpayers\u2019 ability to comply<\/li>\n<li>Cost burden on clients.<\/li>\n<\/ul>\n<p>You must use\u00a0software that works with Making Tax Digital for Income Tax, which will allow you to:<\/p>\n<ul>\n<li>Create and store digital records of each of your business transactions<\/li>\n<li>Send updates of the totals of your business income and expenses every quarter<\/li>\n<li>Confirm end-of-period statements<\/li>\n<\/ul>\n<p>The Government says that the shift to MTD for ITSA signifies a substantial change to taxpayers and HMRC on how self-employment and property income is reported.<\/p>\n<p><strong>Looking for advice on MTD for ITSA? Get in touch today.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) initiative has been delayed by two years, it has been revealed.<\/p>\n","protected":false},"author":1,"featured_media":2331,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,89,17,22,23],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>MTD for ITSA postponed by two years - Accountants in Sutton Coldfield<\/title>\n<meta name=\"description\" content=\"Robb &amp; Co is an independent firm of chartered accountants and specialist tax advisors based in Sutton Coldfield, West Midlands.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.robbtax.co.uk\/blog\/mtd-for-itsa-postponed-by-two-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MTD for ITSA postponed by two years - Accountants in Sutton Coldfield\" \/>\n<meta property=\"og:description\" content=\"Robb &amp; 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