HMRC has issued a policy update for Making Tax Digital (MTD) for income tax self-assessment (ITSA), together with draft regulations which will set out the formal requirements for record retention and data submission, and will provide a number of exemptions.
From April 2023, all ITSA taxpayers earning more than £10,000 business and property income per year will be required to join MTD, with the following exceptions:
trusts, estates, trustees of registered pension schemes and non-resident companies; and
although general partnerships that earn more than £10,000 per year and have only individuals as partners will be required to join MTD for ITSA from April 2023, all other partnerships (for example those that have corporate partners, limited partnerships or limited liability partnerships) will be required to join at a future date (yet to be confirmed).
HMRC has issued a policy update for Making Tax Digital (MTD) for income tax self-assessment (ITSA), together with draft regulations which will set out the formal requirements for record retention and data submission, and will provide a number of exemptions.
From April 2023, all ITSA taxpayers earning more than £10,000 business and property income per year will be required to join MTD, with the following exceptions:
trusts, estates, trustees of registered pension schemes and non-resident companies; and
although general partnerships that earn more than £10,000 per year and have only individuals as partners will be required to join MTD for ITSA from April 2023, all other partnerships (for example those that have corporate partners, limited partnerships or limited liability partnerships) will be required to join at a future date (yet to be confirmed).
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