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Making Tax Digital for Income Tax (MTD for ITSA)
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Making Tax Digital for Income Tax (MTD for ITSA)
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What is MTD for ITSA?
MTD for ITSA (Making Tax Digital for Income Tax Self Assessment) is a UK government initiative that requires self-employed individuals and landlords to use digital record-keeping software and submit their tax returns electronically to HMRC. MTD for ITSA aims to make the tax system more efficient and effective by streamlining the tax process, reducing errors, and improving accuracy.
Under MTD for ITSA, taxpayers will be required to use digital software to maintain accurate and up-to-date records of their income and expenses. This information will be used to automatically calculate and submit their tax returns to HMRC on a quarterly basis, instead of submitting an annual tax return. Taxpayers will also be able to view their tax information in real-time through an online account, making it easier to keep track of their tax affairs.
MTD for ITSA was introduced in April 2023 for businesses with annual income above £10,000, and from April 2024 it was to be applied to all self-employed individuals and landlords with income from business or property. However, government has now announced a phased mandation of Making Tax Digital for ITSA from April 2026. The government believes that MTD for ITSA will help to reduce the tax gap, which is the difference between the amount of tax due and the amount of tax collected.
NEW UPDATE
Starting in April 2026, The government has announced that self-employed individuals and landlords earning more than £50,000 per year will have to maintain digital records and submit quarterly updates on their income and expenses to HMRC through MTD-compatible software. Those earning between £30,000 and £50,000 will need to comply with this requirement starting in April 2027. Many individuals will have the option to join voluntarily before these dates, which can help them avoid common mistakes and save time in managing their tax affairs.
The government has also announced a review focused on the needs of smaller businesses, particularly those with income below the £30,000 threshold. This review will assess how MTD for ITSA can be tailored to meet the requirements of these smaller businesses and help them meet their Income Tax obligations. Additionally, the findings of this review will inform the government’s approach to any further MTD for ITSA rollout beyond April 2027.
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The government has decided not to extend the mandate for MTD for ITSA to general partnerships in 2025, as it was previously announced. However, the government still plans to implement MTD for ITSA for partnerships, in alignment with its vision outlined in the tax administration strategy.
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