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NEWS |
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| Oct 2025 |
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HMRC
Customer Costs & Benefits for the Next Phases
of Making Tax Digital |
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| An Accountant's Take on the HMRC Policy Paper Above |
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Jan 2025
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Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA)
Update
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| MTD for ITSA will be a topic we imagine for the next 18 months as the legislation bolsters up and the software falls into place - as discussed with VAT, the software was not finalised until a month or so before MTD was released but NRLA will be of relative interest in how it can ‘compete’ with Xero, Quicbooks and Sage with reconciling bank transactions. |
For MTD ITSA please see the link below which is considered
to be from a
reputable tax body in the UK: |
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This is the current position for MTD and also shows the likes of commitments the government have made and submission deadlines, falling in the same deadlines as VAT as mentioned 1 month and 7 days after (nightmare for accountants who already juggle VAT). It also references the ‘Final Declaration’ which unlike VAT will just consolidate the quarterly submissions but in the normal deadline of 31 Jan on a Self Assessment consolidating MTD and non MTD income. |
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Nov 2024
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| 'Making Tax Digital' under the new Government |
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Dec 2022
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| Government Push Back 'Making Tax Digital' to April 2026 & April 2027 |
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Policy Paper - Overview of Making Tax Digital:
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Sep 2021
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| Government Push Back 'Making Tax Digital' to April 2024 |
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Businesses get more time to prepare for digital tax changes:
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Check when to sign up for Making Tax Digital for Income Tax:
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Aug 2020
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| Making Tax Digital Roll Out Announced! |
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Includes income tax returns for all taxpayers who file income tax self-assessments
for business or property income over £10,000 annually from April 2023.
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Oct 2019
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| Our Starting Point! |
Whilst HMRC are making positive noises about the progress of MTD, those businesses which pay VAT had to start submitting quarterly returns this year. Of the one million businesses affected, nearly one quarter missed the 7 August 19 deadline to submit their first return.
Recognising that implementation was not as easy as advisors had told them, HMRC has even gone as far as to waive fines altogether for those who missed the 7 August deadline, as long as the VAT return was filed on time using the old HMRC portal, in favour of supporting those businesses who are doing their best to make the transition.
Despite not levying fines, HMRC did confirm that those who had failed to meet the deadline would ‘receive a letter telling them that they missed the deadline and asking them to take action’ and that ‘sanctions will remain possible in cases of deliberate non-compliance’.
What does this mean for landlords? The last published date for landlords to move onto the MTD scheme was April 2020 but unofficially, we have been hearing that this is not possible, simply because the relevant details of how it would all work would need to be published by now if accountant and software companies were to be ready in time. However, until it is officially changed, you do need to consider that sometime in the next year or two, you will need to submit quarterly tax returns.
Our advice is as follows:
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Wait until the date is clearly set and the details fully outlined. |
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In the interim, do not switch to any ‘MTD-ready’ solutions as we cannot tell what is
MTD-ready until the details are confirmed. |
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Do not change the way you do things just because of new tax requirements. If what you do today works well for you, you should look for a solution that allows you to carry on with maybe small changes rather than have to change your whole administration system. |
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