What is MTD ITSA? Making Tax Digital for Income Tax Self-Assessment. Who could be affected by it? Self-employed individuals and landlords with a tax year turnover exceeding £10,000. Partnership which consists only of individual partners. The turnover threshold takes account of the combined turnover of a person’s total number of businesses and rental properties. Please...Read More
Who does this affect? Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th What is the present position? For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year. Example of the Present Position...Read More
When does MTD come in for PLs? The earliest date would be 6th April 2024. When would a PL have to register for MTD? The earlier of: The tax year following that in which your gross rental turnover figure exceeds £10,000 or more. Or The tax year following that in which your gross rental turnover...Read More
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