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MTD ITSA always seems to be something to worry about in the future.
Originally announced by HMRC to be introduced in April 2024, 2026, is now the date in the diary.
Who will this apply to?
Self-employed individuals or landlords with trading/property income over £500,000.
If your income is over £30,000 you have one more year to prepare, but be warned, time travels fast!
What does MTD ITSA mean for me?
Essentially you will need to keep digital records (no more boxes overflowing with pieces of useful paper) and submit quarterly updates to HMRC.
These updates will provide details of income arising from Self-Employment and property (UK and Overseas)
What if I don’t keep digital records?
Don’t panic! This is where our digital transformation team can help.