Bookkeeping Services Aberdeen
Teresa Smith Bookkeeping Services logo

Bookkeeping with a personal touch

07759 983428


Please note – these proposals are still in draft and may still change

What is MTD ITSA?

  • Making Tax Digital for Income Tax Self-Assessment


Who does this affect?

  • Self-employed individuals and landlords with a tax year turnover over £10k
  • Partnership which consists only of individual partners
  • The turnover threshold takes account of the combined turnover of a person’s total number of businesses and rental properties



  • Trades and/or rental income where the turnover does not exceed £10k
  • A deceased person’s estate
  • Registered pension scheme trustees
  • Non-resident companies
  • Individuals who are able to claim they are digitally excluded


What will MTD ITSA mean in practice?

  • You will be required to maintain your trading/rental records in a digital format
  • Primarily, during the tax year, you will need to make quarterly digital submissions to HMRC of your income and expenses as regards your trade/rental business.


When is this happening?

  • April 2024 – Sole Traders and Landlords
  • April 2025 – General partnerships


When will the quarterly submissions be due?

  • 5thAugust – covering the 1st quarter to 5th
  • 5thNovember – covering the 2nd quarter to 5th
  • 5thFebruary – covering the 3rd quarter to 5th
  • 5thMay – covering the 4th quarter to 5th
  • The very first MTD ITSA submission will need to be made by 5thAugust 2024


What will need to be included in the submissions?

  • Details of trading/rental income and expenses for the quarter period concerned
  • Broken down into categories similar to what is presently required for a self-assessment tax return


Do I have to pay my tax over at the same time as the quarterly submissions?

  • At present no, you continue to pay the tax over on 31stJanuary and 31st July


What happens after the 4th quarterly submission has been made?

  • You have to make a further digital submission for the tax year called an end of period statement (EOPS)
  • The EOPS enables you make the necessary adjustment to what has already been submitted in respect of things like capital allowances and losses
  • The EOPS must be submitted by 31stJanuary following the end of the relevant tax year
  • An EOPS must be submitted for each trade


Will I need to also complete a Self-Assessment Tax Return?

  • Not if you comply with MTD ITSA


How will I declare my other income and capital gains disposals?

  • A finalisation statement (FS) will also need to be submitted by 31st January 
  • You would include other income and gains not already reflected in the quarterly submissions on the FS


What happens if I don’t comply?

  • Financial penalties are likely to be imposed


What do I need to do?

  • DO NOT LEAVE IT TOO LATE TO ACT – contact your Accountant / Bookkeeper
  • Check to see if you are caught by the MTD ITSA rules and have digital software 

Registered with HMRC Anti Money
Laundering Scheme.

Teresa Smith Bookkeeping
x  Powerful Protection for WordPress, from Shield Security
This Site Is Protected By
Shield Security

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.