As you have probably have heard MTD ITSA has been delayed, so this is what the delay means after reading the new legislation.
MTD ITSA will be delayed until April 6th, 2024 for
– Self Employed
– Landlords and Property
Regardless of the year-end dates, all of the above clients are mandated to be on MTD compliment software on April 6th, 2024M.
One impact that most businesses may wish to change their year-end to 6th April as it will make it much easier to submit your self assessment using MTD.
The £10k turnover, quarterly reporting, End of period statement + End of year Submission are all staying the same and there will be a slight change in how penalties work.
MTD ITSA will be delayed further until April 6th, 2025 for Partnerships. MTD for all VAT registered businesses to be on software by April 2022 is also staying the same.
If you have a business account with NatWest/RBS/Mettle we can set up a free use of free agent software which is designed for small businesses, also we can assist clients if they are interested on transferring to a different software.
For clients not wishing to transfer onto a computerised system we are looking to operate an inhouse computer system to need the MTD requirements but clients will still be required to provide information quarterly to our office.
The attached from free agent may be of interest to help your understanding.
https://www.freeagent.com/blog/major-changes-mtd-for-itsa/
Happy to speak to you if you require any additional information.
Best Wishes
John Chapman
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