MTD for Income Tax Self Assessment : What accountants and clients need to do
Making Tax Digital (MTD) is part of the government’s ongoing plan to ensure all taxpayers use software for accounting and reporting that relates to tax.
MTD for Income Tax Self Assessment (MTD for ITSA) follows the successful introduction of MTD for VAT in April 2019 and is the next step.
The Brexit transition period ends in 20 days. If your business trades goods with Europe or you represent businesses who do, you’ll need to be prepared for changes that will come into effect from 1 January 2021.
We understand these are challenging times, but it is important to make sure that your business is ready for these new rules. At the time of writing, talks are ongoing about our future trading arrangements with Europe. These rules will not change or go away, and the steps that you need to take to prepare, are needed in any scenario before you can trade from 1 January.