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MTD for Income Tax and Basis Periods (PDF)

All the tricky issues explained

A PDF Report about...

In a nutshell

This PDF Special Report looks at the major changes to tax compliance requirements for unincorporated businesses and landlords. First on the agenda is the scrapping of accounting periods as the basis for working out taxable profits. The Report analyses what’s required by law and explains the pros and cons of the changes. The new edition has been fully updated and covers the latest information on all aspects of MTD.

In detail

Transition to the new basis period system started in April 2023 and will be fully implemented for the tax year starting in April 2024. If you’re in business as a sole trader or partnership the change is the most significant since the introduction of self-assessment in 1995. The mandatory start date for Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) has been deferred until April 2026 although HMRC is encouraging sole traders and landlords to start MTD ITSA sooner so they are ready to go when the change comes.

Written in plain English with real-life examples, our Special Report includes all the information you need to ensure you’re properly prepared for MTD ITSA. It explains:

  • The basis period transitional rules
  • How these can be used to your advantage
  • The effect on and new time limits for overlap relief
  • Who must use MTD ITSA
  • The timetable for implementing it
  • How to make your business recording systems compatible
  • The new quarterly and annual digital reporting requirements
  • Using the MTD ITSA pilot;
  • How all these changes will affect your tax bills

The PDF Special Report is packed with realistic tips and practical examples to help you navigate your way successfully through MTD, without having to run up huge bills with your accountant.

We've created this Tips & Advice Special Report especially for... 

Everyone in business as a sole trader, partnership or landlord that wants to:

  • Be fully prepared for the move to digital tax reporting
  • Know how to implement the changes in their business
  • Successfully navigate their way through MTD ITSA

Tax advisors and accountants that want to:

  • Be able to advise their clients on the changes
  • Have all the latest advice and information on MTD ITSA to hand
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