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Detailed guidance is vital to understanding making tax digital for income tax

08 August 2022
Issue: 4852 / Categories: News

Questions remain over how digital reporting will work in practice say tax experts. They are calling on HMRC to publish ‘detailed practical guidance’ without further delay so that taxpayers and their agents understand their obligations before April 2024 particularly those who wish to join the existing pilot.

The Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT) expressed their concerns in a response to an HMRC consultation on draft notices setting out how MTD for ITSA will operate when it launches in April 20241.

From this date people with annual business property or combined business and property income above £10 000 to use specialist software to keep their records and file their returns. They will also have to report their income and expenses to HMRC once a quarter.

Although the notices clarify how some parts of the regime will work –...

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