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Income Tax Self-Assessment

Making Tax Digital (MTD ITSA)

HMRC have delayed the introduction of Making Tax Digital (MTD) for Income Tax and Self-Assessment (ITSA) for two years from April 2024 to April 2026, but Monahans are here to make the transition for you as easy as possible.

These new changes from April 2026 will affect landlords and sole traders who have gross income of £50,000 or more in the tax year. From April 2027 this threshold will be reduced to £30,000 per tax year.

Sole traders and landlords who fall under MTD ITSA will need to keep digital records and send a quarterly summary of their business income and expenses to HMRC using MTD-compatible software, as well as an End of Period Statement (EOPS) and a Final Declaration.

MTD ITSA is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs, but we understand that not everyone has the time to do this, and that is why at Monahans, we are ready to help.

  • We can offer access to market leading software to make your life easier, training sessions and continuous support
  • With our dedicated Business Services and Tax teams, we have years of experience and will be able to help make the transition smooth
  • Provide more up to date information to help you make better, real time business decisions

We also have a Making Tax Digital for Income Tax Self-Assessment - what you need to know PDF for you to download here.

Click the relevant image below to access information for Making Tax Digital for Landlords or Sole Traders:

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Making Tax Digital (MTD ITSA)