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HMRC has launched a technical consultation for the proposed new Income Tax (Digital Requirements) (Amendment) Regulations 2024 and associated notices.
It seeks views on draft regulations which will amend SI 2021/1076 to include:
- revised MTD mandation date and threshold;
- improving the design of quarterly updates;
- simplifying processes by removing end of period statements;
- introducing easements for landlords with jointly owned property; and
- exempting specific groups from MTD requirements.
From April 2026, MTD for income tax, will apply to unincorporated businesses and landlords with business and/or property income over £50,000 followed by those with income over £30,000 from April 2027.
Responses should be emailed to: makingtaxdigitalconsultations@hmrc.gov.uk by 12 January 2024.
