What is MTD ITSA?
Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA). So HMRC are looking to introduce a new way of submitting and filing your self-assessment income. In recent years they introduced online filing which now seems the norm and this new change will see additional filings in an attempt to have real time figures for your personal tax.
The change will mean that you will need to submit figures on a quarterly basis albeit draft figures with a final end of year submission to be completed. This being the filing that will supersede all the quarterly filings and replace your current self-assessment tax return.
The current structure means that as well as the quarterly returns you will be required to file separate returns for different trades and streams of income, suggesting if you have multiple income streams these will all be split into separate returns.