From April 2023, unincorporated businesses and landlords who submit ITSA returns and have annual gross income from business or property sources of £10,000 or more will need to follow the rules for MTD.
The process and timelines will remain very similar, but there are some differences that you need to be aware so that you are ready well in advance of April 2023.
As agents you may be currently be submitting your client’s information through a software product or keying it into the government gateway – for some agents the changes will not affect their ways of working.
There will be three Key Changes –
- Digital record keeping.
- Quarterly updates.
- Submitted by software.