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Getting MTD IT Ready Webinar

Watch this recorded Engager session at a time that suits you

 

 

 

Links Referred to the webinar: 

Johann's Free pricing guide :https://engager.app/pg/ 

Book your place at Labs: https://engager.app/labs25/

Help Centre https://help.engager.app

Facebook Community: https://www.facebook.com/groups/1246323449327123/

Book a Demo: https://engager.app/book-a-demo/

Link to email Templates: https://help.engager.app/hc/en-gb/articles/23971663558034-MTD-IT-Email-Templates

 

 

Ready to implement this in Engager - https://help.engager.app/hc/en-gb/articles/23980065102098-Getting-ready-for-MTD-IT-and-how-to-manage-within-Engager

Please note that a mistake was made on the webinar - when we talk about Documents, we meant EMAIL MESSAGE TEMPLATES, so please use our MTD Templates as EMAIL MESSAGE TEMPLATES. 

 


Follow-up Q&A's. 

In our “getting ready for MTD” webinar, several questions were asked that I couldn’t answer, so I asked Sam Wood, HMRC Agent Engagement Lead, to help answer the questions, and he was very happy to help!

1 - Will Taxpayers auto enrol in MTD IT? No. Everyone has to either enrol themselves or be enrolled by their tax agent

2 - Once Enrolled, can a taxpayer exit MTD IT if their income drops below the threshold? Once you’re mandated, you are mandated for 3 years min. If your income drops below the threshold for three consecutive years, you can opt-out

3 - When will HMRC start communicating MTD IT to taxpayers? Comms to customers starting soon

4 - Are partnerships included in MTD IT? No, the Partnership income is reported annually and doesn’t count towards MTD IT Thresholds

5 - Which year is considered for the MTD IT income Threshold test? 2024/25 is the assessment year for 2026/27 – HMRC always runs 2 years behind  - Which provides stability as status is based on a full year’s tax return. So, in April, look back 2 months to the return, due 31 Jan; that’s the return to review for assessment each assessment.

So if the taxpayer’s landlord and/or self-employed turnover was over £50,000 in 2024/25, then they are required to be MTD IT registered in 2026/27 if in 2025/26 the taxpayer’s landlord and/or self-employed turnover was over £30,000 then they will be are required to be MTD IT registered in 2027/28

As a reminder, the four Quarterly returns report income and expenses, the annual return reports everything but should be more efficient because the annual report should be auto-populated with information already on record at HMRC such as PAYE

We will continue to deliver content and webinars on this topic ensuring you are ready for MTD IT

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