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MTD for Income Tax and Basis Periods (PDF)

All the tricky issues explained

A PDF Report about...

This PDF Special Report looks at the major changes to tax compliance requirements for unincorporated businesses and landlords. The first part looks at the scrapping of accounting tax basis periods. It sets out the effects of the legislation and explains the resulting pros and cons of the changes. The rest of the Special Report focuses on Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) and how you should prepare for it. This new edition has been fully updated with the latest information and includes our brand new basis period calculator.

In detail

The switch from accounting period to the tax-year basis for working out taxable profits is a significant change for sole traders and partnerships. Special transitional rules apply for 2023/24 which means that until your self-assessment for that year is finalised, which can be as late as January 2026, you have the opportunity for income tax planning.   

There are now two start dates for MTD ITSA, April 2026 and April 2027. In the meantime HMRC is encouraging sole traders and landlords to prepare by using its new MTD ITSA pilot, launched in April 2024. The rules for digital record keeping and reporting have been amended and will require significant changes to day-to-day accounting practices for many businesses and landlords.  

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
  • Tax planning with profit spreading
  • Self-assessment for the transition year
  • The timetable for implementing MTD ITSA
  • Making your business recording systems compatible
  • The new quarterly reporting requirements
  • 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 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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