MTD ITSA delayed until 2024
Making tax digital for income tax self-assessment (MTD ITSA) was due to go live in April 2023. Last week, the Government announced that, having recognised the challenges faced by UK businesses during the last two years and after listening to stakeholder feedback, MTD ITSA would go live in April 2024, 12 months later than planned.
From April 2024, MTD ITSA will be mandatory for businesses and landlords with an income over £10,000 per annum (That’s turnover or gross rent receipts of £10,000 or more, not profit). Pilot schemes are already underway and will be gradually expanded in the lead up to tax year 2024-2025.
The full news release is available from HMRC online.
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