[ad_1]
Agents will be invited to sign up clients later in April for making tax digital income tax self assessment. ICAEW will consider the pros and cons in a webinar.
Making tax digital income tax self assessment (MTD ITSA) requires a taxpayer to keep digital records and send quarterly updates to HMRC using compatible software.
The start date is now just two years away for many taxpayers. The requirements will apply to individuals with gross trade or property income of £50,000 or more from April 2026. More taxpayers will be brought within the rules from April 2027 when the limit drops to £30,000.
HMRC is launching private beta testing and agents will be invited to sign up clients from 22 April 2024. Taking part will involve using software compatible with MTD ITSA, and the agent will need an agent services account. From the week commencing 22 April 2024, HMRC will publish more information about how the testing will work, the eligibility criteria, software choices and how to sign up clients.
ICAEW’s Tax Faculty will consider the pros and cons of joining the testing during a webinar on 24 April 2024. The webinar is available free-of-charge to ICAEW and non-ICAEW members. For ICAEW members, the webinar could also contribute up to one hour of verifiable CPD.
For further information on making tax digital, see ICAEW’s dedicated webpage.
ICAEW’s Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.
[ad_2]
Source link