HMRC updates MTD ITSA guidance
HMRC has clarified which taxpayers can sign up for Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) voluntarily in its updated guidance. Who can join early and is it worthwhile?
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Investing: loans vs shares
You have the opportunity to invest in a promising start-up company. You can either purchase shares or lend it the money. What are the potential tax consequences you need to factor in when making your decision?
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Where can you get help with MTD quarterly updates?
As Making Tax Digital for Income Tax (MTD IT) filing obligations begin for some taxpayers, questions are continuing to arise around quarterly updates and how problems should be resolved. If issues occur, where should you go for help?
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Electronic VAT return and payment due
From 6 April 2024, individuals with self-employment or rental income over £10,000 will be required to register for MTD ITSA. This means that all records will need to be kept digitally, quarterly updates must be submitted to HMRC, and a final declaration must be made at the end of the year. Individuals within MTD ITSA will no longer be required to submit annual self-assessment returns. The due date for income tax payments remains 31 January following the end of the tax year. To help HMRC test and develop the service and to get used to quarterly reporting, you can sign up to use MTD voluntarily now. HMRC has clarified that you can start using the service if you’re:
- a UK resident;
- registered for self-assessment with no outstanding tax returns or tax payments; and
- a sole trader with income from one business, or a landlord who rents out UK property.
You cannot sign up yet if you need to report:
- income from any other sources; or
- an income tax charge, e.g. the High Income Child Benefit Charge or annual allowance pension tax charges.
If you do join, you must still submit the tax return for the previous tax year. For further information, see the guidance here.





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