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Post Info TOPIC: MTD ITSA announced for 2023-24


Senior Member

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MTD ITSA announced for 2023-24


It sort of half news as they were talking about this earlier this year. Taxpayers with a turnover in excess of 10K will have to use MTD software for that tax year and later. VAT registered businesses under the compulsory threshold will become compulsory in FY 2022

This is the relevant ministerial statement:

https://www.parliament.uk/business/publications/written-questions-answers-statements/written-statement/Commons/2020-07-21/HCWS400/



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Master Book-keeper

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Thanks for posting that John

The Gov seems fixated on it losing 8.5 billion in tax payer errors but doesn't take into account errors made that increase VAT revenue. I suspect that 8.5 billion is wide off the mark.



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John

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I don't know, but what I can say about ITSA is that it ends up with a more detailed submission. Hence, for example, if a sub-contractor wishes to claim for the tax prepaid via CIS details need to be provided of the payments that have been withheld by the name and code of the contractor. Hence it becomes possible for HMRC to reconcile things automatically.



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I am thinking about doing one of these online Q&A sessions about MTD ITSA. Is that something people would find useful? Many of the principles are the same regardless of which system people use.



-- Edited by johnhemming on Wednesday 22nd of July 2020 04:15:38 PM

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Master Book-keeper

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Yes I would be interested in that as well John. Let me know if any crop up.



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John

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Senior Member

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here it is
www.eventbrite.co.uk/e/questions-and-answers-about-making-tax-digital-income-tax-and-vat-tickets-114522333382

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Guru

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I've signed up, thanks John

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Jenny

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Senior Member

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Glad to be of assistance. If there are questions people would particularly like to have detailed answers on then please tell me in advance. I have done a number of events via Zoom recently and it is quite good at enabling Q&A. Previously I have done streaming events which are not so easy to handle from a Q&A perspective.

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Master Book-keeper

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BudgetB wrote:

I've signed up, thanks John


Me too



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John

Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.



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And me, looking forward to it, thank you!

Eunice

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Eunice Cubbage

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