HMRC’s latest on MTD ITSA – Joining Pilot
A big stumbling block if you want to join the pilot is the very limited range of software available. MTD ITSA reports can only be made using compatible software. There are currently only three HMRC-approved providers. Xero, Sage, Intuit Quickbook and many others are still working on their products. If your provider is not on the short approved list for MTD ITSA software, we recommend waiting to join the pilot until it is rather than changing software at this stage.
Is there a special time limit on AIA claims?
If for any tax year you overlook claiming capital allowances (CAs), including an Annual Investment Allowance (AIA) claim, you have two years from the end of the tax year/accounting period to correct it. If you miss this you can claim CAs for a later year but in that case entitlement to the AIA is permanently lost.
Working from home expenses
Following the end of the relaxed rules for claiming the working from home tax deduction HMRC has adjusted some 2022/23 tax codes but not others. Check if you’re entitled to the deduction and ask HMRC to amend your code if necessary.
Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts.