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HMRC has updated its guidance for sole traders, landlords and agents who volunteer to use and test making tax digital for income tax self assessment (MTD ITSA). New information has been added on how to catch up with digital records and quarterly updates during the tax year.
The guidance confirms that during the testing phase, HMRC will not issue any late submission penalties for quarterly updates. So volunteers who sign up during the tax year only need to create their digital records and send their updates before they submit their tax return, ie by the 31 January deadline.
HMRC has also published a new toolkit to help agents prepare themselves and their clients for the new system.
