MTD ITSA is a new filing regime for businesses and landlords that is coming in April 2024. It will affect all businesses and landlords with a combined turnover of more than £10,000 per annum.
So what will you have to do?
You will be asked to file quarterly returns to HMRC much as VAT registered businesses already do.
How does that affect me?
Well if you are not already keeping your records digitally you are going to need to do this.
Should I start now?
Absolutely get ahead and sign up for cloud based bookkeeping with a reputable software supplier. Getting onboard with this early will help your accountant to prepare and file your self assessment and once quarterly filing becomes mandatory you will be used to this system of recording your business transactions.
If you need help or advice on how ITSA may impact your business or letting income get in touch with us!
