Sarah Bradford explains how making tax digital for income tax self-assessment will affect landlords and outlines some simplifications announced at the time of Autumn Statement 2023.
Making tax digital for income tax self-assessment (MTD for ITSA) is part of the government’s tax administration strategy.
Under MTD for ITSA, businesses and landlords will be required to maintain digital records and use compatible software to submit updates to HMRC each quarter.
The start date for MTD for ITSA has already been delayed. It was originally to apply from 6 April 2024 to unincorporated businesses and unincorporated landlords with business or rental income of £10,000 or more. It is now due to come into effect from 6 April 2026 for unincorporated businesses and unincorporated landlords with business or rental income of £50,000 or.