Making Tax Digital for Income Tax Self-Assessment – Autumn Statement 2023
Following last year’s delayed announcement, the Government has undertaken a review of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA).
Today’s Autumn Statement has seen the release of the outcomes from this review that will impact individuals who are sole traders and/or landlords.
There are no groundbreaking updates and the timelines do remain the same, with the first phase coming in April 2026. However, it is clear that HMRC has finally listened to the key stakeholders and will be implementing a slight reform with some welcome changes including:
- Simplification of quarterly submissions
- The removal of the previously announced End of Period Statement
- Easements to reduce the administrative burden for those with jointly owned property
- Additional exemptions from MTD
- Enabling more than one Agent to represent you
HMRC has also made a commitment to consider non-aligned accounting periods, minimum standards for software and improving communications.
More detail to be released and the regulations are expected to be laid in February 2024.
Our Autumn Statement 2023 question time webinar is now available to watch on-demand. During the webinar, our panel of tax and business experts came together to examine the changes unveiled by the Chancellor, and to answer your questions. Click here to watch the webinar.
Alternatively, if you would like any further information or guidance on this topic, get in touch with your usual Kreston Reeves contact or contact us here.
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