Personal Tax: Making Tax Digital and MTD Status
- Article ID
- personal-tax-making-tax-digital-and-mtd-status
- Article Name
- Personal Tax: Making Tax Digital and MTD Status
- Created Date
- 5th October 2021
- Product
- Problem
- IRIS Personal Tax: Making Tax Digital and MTD Status
- Resolution
-
October 2021: The government has now delayed the start of MTD ITSA to 6 April 2024, with MTD for general partnerships postponed to 2025. The change to the tax year basis has also been delayed until at least April 2024.
https://www.accountingweb.co.uk/tax/hmrc-policy/mtd-itsa-delayed-to-2024
In Personal tax (update Dec 2021 with the Version 21.4.0). At the top a option for Digital Tax displays.
MTD Data Mining
Although the mandation of MTD has been delayed to April 2024, this initiative will inevitably creep up and therefore preparation is the key to success.
Updates have been made to the existing digital tax client list (Digital Tax | Digital Tax Client List), to allow users to query client data; to identify which clients will fall within the MTD mandate first.
The new fields added allow you to identify clients with income above the £10k threshold across Trade, L&P and Foreign L&P (singularly or accumulatively).2022 update with IRIS version 22.1.0
Making Tax Digital functionality has finally arrived, we have updated the personal tax product to enable you and your practice in preparation for the MTD pilot (April 2022).
MTD functionality will run alongside the standard SA functionality and will simultaneously complete the clients SA return as well as giving the ability to complete in-year obligations where a client has been identified as MTD compliant.
In this release of IRIS, we have focused on delivering functionality which will allow you to complete the in-year obligations associated with income sources which are required to be submitted quarterly, this will include sole trade and UK property Income.
All MTD related submission will be channeled through the IRIS Digital Tax Hub, where the software will guide you through the MTD workflow, highlighting any outstanding tasks to simplify a complex MTD workflow.
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