HMRC update MTD record-keeping guidance

HMRC have published a Notice covering the following three points in relation to Making Tax Digital for Income Tax (MTD for ITSA) digital record-keeping requirements:

• property income and expenses arising from jointly let properties;
• categorisation of digital records of income and expenses for those with annual turnover from either self-employment or property that is below the VAT registration threshold; and
• requirements for retail sales including setting out what should be included in or excluded from the amount of ‘daily gross takings’.

HMRC have also updated the ‘Finalise your income tax position’ pages of their general guidance on MTD for ITSA to confirm that it is ‘not possible’ to use HMRC online services to submit details of personal income sources for the remainder of 2024/25 or for 2025/26. This is to help test what the best design is for users say HMRC. The guidance also gives users two options ...