From 6th April 2026, businesses, self-employed individuals, and landlords with an income of more than £50,000 will be required to keep digital records and provide digital quarterly updates on their income and expenditure to HMRC through MTD compatible software. For those with income between £30,000 and £50,000 will be required to do this by April 2027.
By doing this, in response you will receive an estimated tax calculation based on the information provided throughout the year. This comes with the benefit of knowing what tax you may owe, so you can budget!
Should you still prepare for MTD for ITSA now?
The deadline for MTD for Income Tax may seem in the distant future, however, now is the time prepare for this change and take this opportunity to find the right tools ahead of the deadline. Instead of pressing pause on your MTD preparations, use this time to learn how you can reap the most rewards from cloud-based software.
The transition to MTD compatible software for Income Tax Self Assessment (ITSA) returns can be daunting, however, NRB is committed to supporting your needs and providing an efficient and effective service to our clients.
Get ahead with MTD for ITSA
Here at NRB, we can help advise on what software to use, be it a fully functioning cloud based system, landlord specific and anything in between and we have dedicated digital team to make this a smooth and seamless transition.
We can also take the burden of this new compliance requirement off your hands through our dedicated bookkeeping team.
If you require further information, please do not hesitate to contact your usual NRB advisor or our bookkeeping team.