How accountants and bookkeepers can embrace the new tax year with confidence
Is your practice set up for success in 2024/25? Here's everything you need to do to start the new tax year off right.
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Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is delayed but don't delay your client digitisation plan. Now is the perfect time to get your clients ready and with our new Individual plans from Sage Accounting, you'll leave no clients behind. Join the webinar and download our guide Making Tax Digital for accountants to get started.
Both you and your clients need to use MTD compatible software to submit tax returns and store digital records. While this brings challenges across workflows for accountants and bookkeepers, by using Sage Accounting, you can easily meet key requirements and leave no clients behind.
Sage Accounting including the new Individual plans is available through Sage for Accountants – the platform for managing both client and practice subscriptions, recognised by HMRC as MTD ITSA compatible.
MTD for ITSA will be mandated for sole traders and landlords with an income of more than £50,000.
Mandated businesses will be required to use MTD compatible software to keep digital records and submit quarterly summaries of income and expenses. In addition to this, mandated businesses will also need to make a Final Declaration (which replaces the self-assessment paper return) either through MTD compatible software or through their HMRC online services account.
MTD for ITSA will be mandated for sole traders and landlords with an income of between £30,000 and £50,000.
Mandated businesses will be required to use MTD compatible software to keep digital records and submit quarterly summaries of income and expenses. In addition to this, mandated businesses will also need to make a Final Declaration (which replaces the self-assessment paper return) either through MTD compatible software or through their HMRC online services account.
Add and edit custom or pre-set tags to group clients using Client Management – complimentary with Sage for Accountants.
Store digital records, automate your admin, and submit returns with ease using Sage Accounting.
Re-engage clients, review services, and price clearly with GoProposal. Make sure your services and pricing are transparent for clients and easily set expectations around MTD.
The first phase of MTD started in April 2019, mandating that most VAT registered businesses with taxable turnover over £85,000 keep digital tax records. In April 2022 MTD for VAT was extended to all VAT registered businesses, including those below the VAT threshold.
There are two upcoming dates to take note of:
April 2026: MTD for ITSA will be mandated for sole traders and landlords with an income of more than £50,000.
April 2027: MTD for ITSA. MTD for ITSA will be mandated for sole traders and landlords with an income of between £30,000 and £50,000
To sign clients up for Making Tax Digital for VAT you need to get the following information:
If you’re working with the following types of business, you’ll need to get additional information:
With MTD-compliant software you can:
We’re working closely with HMRC and the UK Government to represent UK businesses and we’ve got over 40 years’ compliance expertise to help you give the best advice to clients and meet MTD requirements. Download our guide to get MTD for ITSA sorted.
Is your practice set up for success in 2024/25? Here's everything you need to do to start the new tax year off right.
Learn about basis period reform, what it means for your practice and your clients, and get answers to questions you may have about the changes.
A swathe of changes are impacting businesses due to the new tax year starting in April 2024. Learn about the measures and how to respond.
Learn about the Spring Budget announcements made by the government and discover what the outcomes mean for your business.
Learn why VAT for Agents has been removed from the Online Agent Authorisation service and discover what it means for your VAT clients.
Talk to our experts or sign up to Sage for Accountants today.
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