MTD IT for partnerships ― three points to consider

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Making Tax Digital for Income Tax (MTD IT) quarterly reporting and basis period reform are the biggest changes to administration of income tax in over 25 years. What does this mean for advisers and their clients?

The date at which partnerships are due to enter MTD IT has yet to be confirmed. On 19 December 2022, the Treasury Secretary announced a change to the timetable. This was confirmed in an HMRC press release, saying that the government remains committed to introducing MTD for ITSA to partnerships, but that the previously announced date of 2025 would no longer apply.

Looking forward to this future development, this guidance note looks at some key choices, challenges and opportunities for partnerships:

•
partnership and partners are different: and it matters
•
tax bills need managing in the light of basis period reform
•
quarterly reporting and finalising annual returns: there’s a lot to think about

For more details on MTD for IT and basis period reform see the Making Tax Digital for income

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Value Added Tax

UK VAT invoice requirements

UK VAT invoice requirementsThis guidance note provides details of the information that must be shown on a valid tax invoice. Businesses supplying goods and services that are liable to the standard or reduced rate of VAT are required to issue a tax invoice to another VAT registered person.If the

14 Jul 2020 13:46 | Produced by Tolley Read more

Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more

Value Added Tax

VAT registration ― artificial separation of business activities (disaggregation)

VAT registration ― artificial separation of business activities (disaggregation)This guidance note should be read in conjunction with the VAT registration ― compulsory guidance note and is relevant to persons established or resident in the UK. Persons that are not established or resident in the UK

14 Jul 2020 13:57 | Produced by Tolley Read more

��Ƶ