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Are we nearly there yet?
Key points
- The introduction of MTD for ITSA for landlords and the self-employed will be phased in with different dates dependent on the taxpayer’s income.
- HMRC has confirmed that the turnover threshold for MTD for ITSA will remain at £30 000 for now. New exemptions for foster carers and those with no National Insurance number have been introduced.
- HMRC does not specify if or when partnerships will be brought into MTD for ITSA.
- HMRC has not yet clarified how it expects record keeping to work under MTD for ITSA; but quarterly updates will now be cumulative (a positive development).
On 18 March 2015 George Osbourne then chancellor of the exchequer announced the introduction of making tax digital (MTD) saying in his Budget speech that ‘Tax really doesn’t have to be taxing and this spells the death of the annual tax return’.
The 11th anniversary...
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