Making Tax Digital: Income Tax & Self-assessment (ITSA) Explained

Making Tax Digital: Income Tax & Self-assessment (ITSA) Explained

Let’s look at how Making Tax Digital: Income Tax & Self-assessment (ITSA) will impact sole traders, landlords and partnerships in the near future. HMRC will expect to roll out Making Tax Digital Income Tax Self-assessment from 2023 at the earliest, with April 2024 being the official start date.

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–Timestamps–
00:00 – Intro
00:18 – What is Making Tax Digital for Income Tax?
01:22 – Who will be affected by Making Tax Digital ITSA?
01:47 – When will you need to register for Making Tax Digital Income Tax?
02:44 – Exemptions from Making Tax Digital ITSA
04:28 – How to Prepare for MTD Income Tax & Self-assessment
06:15 – Voluntary Registration for Making Tax Digital Income Tax
06:31 – Helpful Links
08:11 – Outro

Helpful Links:
Making Tax Digital Income Tax & Self-assessment sign up page – https://www.gov.uk/guidance/check-if-youre-eligible-for-making-tax-digital-for-income-tax

MTD ITSA delayed one year until April 2024 – https://questions-statements.parliament.uk/written-statements/detail/2021-09-23/hcws308

When to sign up for Making Tax Digital ITSA – https://www.gov.uk/guidance/check-when-to-sign-up-for-making-tax-digital-for-income-tax

Making Tax Digital Income Tax Self-assessment Compatible Software – https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax

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