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In recognition of the challenges faced by many UK businesses and their representatives as the the country emerges from the pandemic HMRC has postponed the introduction of making tax digital for income tax self assessment (MTD for ITSA) from April 2023 to April 2024.
General partnerships will not be required to join MTD for ITSA until April 2025. The date at which all other types of partnerships will be required to join will be confirmed later.
In March 2020 the government announced a new system of penalties for the late filing and late payment of tax for ITSA. This will now be introduced for those who are mandated for MTD for ITSA in the tax year 2024-25 and for all other ITSA taxpayers from 2025-26.
In a parliamentary statement announcing the postponement financial secretary to the Treasury Lucy Frazer said: ‘A later start for...
