Without doubt, one of the hottest topics at the Festival and Accounting and Bookkeping (FAB) last week was Making Tax Digital for Income Tax (MTD ITSA). This is being phased in from 2026 for individuals with self-employment and / or property income with two confirmed start dates:
1. From 06 April 2026 where annual turnover exceeds £50,000; and
2. From 06 April 2027 where annual turnover exceeds £30,000
The UK Budget in October 2024 announced that, by the end of this Parliament, it will expand rollout to those with income over £20,000. Timing for this will be confirmed at a future fiscal event.
HMRC gave useful presentations at FAB 2025 and ICB wants to draw your attention to the following webinar which is being held on two dates:
- Tuesday 25 March 2025 from 3:45 to 4:45pm; and
- Thursday 03 April 2025 from 1:45 to 2:45pm
HMRC say this webinar will help you understand the things you will need to do, including using HMRC-approved software, keeping digital records through the year and sending simple quarterly updates to HMRC.
For Bookkeepers
This webinar, which requires registration, is part of a series of webinars which include two more webinars that will be available soon:
1. Get ready for MTD (which will explain the readiness steps to take as soon as possible);
2. Sign up for MTD (which explains the opportunity to sign up early to use MTD from April 2025 so you know what to do before it becomes a legal requirement)
