MTD for ITSA: HMRC Announces Deferred Introduction

It's quite possible you have already heard about this, though I thought it was useful to reiterate this important bit of information to help get your new year started with some positive news from HMRC ...

It was announced at the back end of 2022 that HMRC was to delay the introduction of Making Tax Digital for Income Tax Self Assessment (or just MTD for ITSA for short!). For businesses with income over £50,000 it is delayed until April 2026 and for those with income over £30,000 then it's April 2027.

"So, what does this mean for you?"

HMRC understands that times are hard right now for everyone. With inflation around 10%, energy prices high and a general increase in the cost of living, small businesses are having a difficult time and they're hoping to address this with the delayed introduction of MTD for ITSA.

However, it also gives software developers more time to ensure their bookkeeping and accounting software is perfect and works with the MTD platform for more than just VAT.

So, just a short one from me to start off 2023, but I'm sure you'll think this is positive news from HMRC that will help many small business owners across the country.

If anything I've written here resonates with you, call me on 01604 420057 and let's see how we can help you.