MTD for ITSA: HMRC Announces Deferred Introduction
Thoughts about the delay ...
Posted by Alison Mead on 03/01/2023 @ 8:00AM
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 ...
Just a short one from me to start off 2023, but I'm sure you'll think this is 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.
Until next time ...
ALISON MEAD
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about Making Tax Digital for Income Tax Self Assessment and how it may affect you when it is finally introduced, it may be a great idea to give me a call on 01604 217365 and let's see how I can help you.
Alison loves bookkeeping and supporting bookkeepers. She has been helping clients to be better bookkeepers in Sage 50 for over 24 years and has been Xero Accredited in accounts and payroll for a number of years too.
She specialises in a very unique hand-holding method of training, helping bookkeepers and business owners to use their accounts software as and when they need support in setting up and producing their invoices, reports and financial information.
Alison combines her role at Silicon Bullet with her Forever Living network marketing businesses and is often to be seen at business networking meetings as she likes to keep busy.
You know what they say: if you want something done well ask a busy person!
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