On 26th August HMRC updated their information to include further guidance on what is included in your qualifying income, how you should report other income and how residence and domicile affect your qualifying income.
The guidance confirms the MTD ITSA requirements must be met from 6 April 2024. Taxpayers who are eligible will need to submit their self assessment tax return for 2022/23 by 31 January 2024. HMRC will review and check the return to see if the taxpayer’s qualifying income is more than £10,000. HMRC will then write to the taxpayer and inform them of their requirement to sign up and they (or their agent) then need to find compatible software and authorise it.
In terms of authorisation of software, the guidance states that taxpayers have to repeat the authorisation process every 18 months.
You can find out more on the HMRC website, and more updates will become available as the deadline approaches.
Find out more here.
You need to sign in or register before you can add a contribution.