Making Tax Digital – MTD for ITSA
What is it?
Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax.
Who does it affect?
1. Landlords who have rental property as a second income
2. Employed who have a second income i.e., side-line gigs
3. Self-employed trades people
4. Self-employed in an office/professional environment
What does this mean for you?
Each quarter all Self-employed business and landlords earning more than £10,000 will have to submit quarterly and digital returns to H M Revenue & Customs quarterly, followed by a final declaration to adjust for depreciation, prepayments and accruals to mention a few.
For those that keep paper records, this will no longer be sufficient and will need to adopt a computer software package.
Please get in touch and see how we can help you but below are some example packages although we will tailor each one to suit you and your business needs without sacrificing valuable, expert advice and support.