Latest Making Tax Digital for Income Tax

From April 2026 the next stage of Making Tax Digital (MTD) roll-out, MTD for income tax self-assessment (ITSA), begins.   What will this mean for you: If your income from sole trader profits and rental income is over £50k then you will need to start completing quarterly returns to HMRC through software, as well as…

Celebrating (sic) its 20th anniversary, HMRC have just set out the Government’s vision for the future of the UK tax authority: https://www.gov.uk/government/speeches/exchequer-secretary-to-the-treasury-20-years-of-hmrc-reflections-and-looking-ahead   This keynote speech by James Murray, the Exchequer Secretary to the Treasury, has given us advance warning of what specific modernisation and reform changes to the tax system that we might now…

We share our key takeaways on how the Autumn Budget 2024 affects individuals. During the first Budget to be delivered by a woman, and the first Labour Budget for 14 years, Rachel Reeves set out various measures to “fix the foundations and deliver change”.   Along with Income Tax rates, Labour included a manifesto pledge not…

Issue 5 of our Property Matters Newsletter is one which has been influenced by the March Spring Budget, during which there was an announcement in relation to the treatment of Furnished Holiday Lettings, and my colleague Harriet Sim has provided her views on the changes that are to be made. Daniel Walker also covers what…

Making Tax Digital for Income Tax will soon be upon us.   Over the past few years’ rents have been increasing and will continue to increase as inflation remains high. Many landlords will now be affected or will be coming close to the qualifying limits. With April 2026 fast approaching for those with qualifying income…

Alongside the Autumn Statement, the government has announced the outcome of its ‘Making Tax Digital’ review for small businesses. The outcome of the review has prompted some welcome simplifications and tweaks to the regime that should make it easier for taxpayers to interact with the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) regime.…

Landlords currently using self-assessment will be required to switch to using Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA for short) and applies to all landlords whose total property income is in excess of £10,000 per year, including: • Rental income from UK rental properties   • Other UK property income such as…