Tag

MTD

Mar 09 2026

New Penalties Regime For All Income Taxpayers

By HMRC, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Penalties, Potts & Co Accountancy & Business Advice News
The new points-based penalties system will apply to all self assessment taxpayers from April 2027, not just those within Making Tax Digital for income tax (MTD IT). The new rules will apply first to taxpayers mandated to join MTD IT from April 2026 (those with qualifying income over £50,000); then…
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Mar 08 2026

Making Tax Digital For Income Tax Letters

By HMRC, Income Tax, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News
With just one month to go before the first tranche of individuals are required to sign up to MTD for income tax, HMRC is writing to taxpayers it believes might be affected. From April 2026, sole traders and landlords with qualifying income above £50,000, based on the information included in…
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Oct 03 2025

Making Tax Digital For Income Tax – Exemptions

By HMRC, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News
In just over six months the first group of taxpayers will be required to join HMRC's Making Tax Digital for income tax (MTD IT) programme Some individuals may be able to avoid this by claiming an exemption. Self-employed taxpayers and landlords with qualifying income of £50,000 or more on the…
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Mar 29 2024
Potts & Co - Accountancy & Business Advice

Making Tax Digital: Quarterly Update Returns

By HMRC, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News, Self Assessment
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have income above £50,000 will be required to…
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Nov 29 2023
Potts & Co - Accountancy & Business Advice

MTD Simplification

By HMRC, ITSA (Income Tax Self Assessment) , Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News, Self Assessment
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA (Income Tax Self Assessment)  from April 2026. The £50,000 threshold applies to gross total self-employment…
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Sep 02 2023
Potts & Co - Accountancy & Business Advice

HMRC Demands More Data

By Dividends, HMRC, Making Tax Digital (MTD), Personal Tax, Potts & Co Accountancy & Business Advice News
HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period. HMRC has set out its intention to collect data relating to trade sectors; locations; occupations; hours worked; shareholdings and dividends paid; and self-employed trading dates. Draft legislation…
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