Ely Hold MTD for ITSA Event
12th May 2025
The Ely Office held an MTD for ITSA seminar on 30th April which invited clients to have an insight into the upcoming changes for self-employed business owners and landlords with total combined turnover above £50,000.
What Did The Day Include?
The seminar started with a brief summary of the upcoming changes along with 3 summaries of the software that we recommend (Xero, QuickBooks and FreeAgent). Once the summary had been completed, the clients then had the opportunity to go into break out rooms to see the software in action to help determine whether they could be suitable for their business needs.
MTD for ITSA
MTD for ITSA is the biggest change to the self-assessment tax system since it was introduced in 1996. It will result in anyone with income over £20k by April 2028 having to report quarterly to HMRC rather than annually, as well as having to prepare an annual declaration. This will all need to be done through MTD approved software resulting in a lot of clients now having to use software who used to keep their records manually. With the first change commencing in less than a year in April 2026 for those with income of £50k.
Get In Touch
If you have any questions about whether this will apply to you please get in touch with your local Whitings LLP office today.
Disclaimer - All information in this post was correct at time of writing.
