Making Tax Digital: quarterly update returns
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD ITSA) as announced in the Autumn Statement 2023.
Cash basis to replace accruals
Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting).
MTD simplification
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations.
MTD for income tax delayed again
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026.
VAT changes
The VAT registration threshold has already been frozen at £85,000 since April 2017 and it will now be fixed at that level until April 2026.