Making Tax Digital for Income Tax Self Assessment
MTD for ITSA is a key part of HMRC’s push to modernise the UK’s tax system and replaces the traditional self-assessment process. Under MTD for ITSA, self-employed individuals and landlords will need to keep digital records and submit quarterly updates to HMRC through approved software along with a final annual declaration.
Who is impacted
Individuals with sole trade and/or rental income over £50,000 will be part of the first wave which commences in April 2026 for the 2026/27 tax year.
The income threshold falls to £30,000 from April 2027 and £20,000 April 2028.
What are the benefits of MTD
- More accurate reporting
- Greater in year insight to business performance
- Real-time tax estimates for peace of mind
- Makes it easier for individuals to stay on top of their tax obligations
How can MFW assist
- Registering individuals for MTD for ITSA
- Software selection, set up and training
- Ensuring you are compliant with HMRC through quarterly submissions and the final declaration
- Bookkeeping service to reduce your admin time
- One-off support
To discuss your current MTD for ITSA obligations please contact your MFW office for advice and we will tailor a solution to suit your business, providing a professional, reliable service that ensures compliance.
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Book a consultation to see how we can help you.
