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Key regulatory events accountants need to know

As the new financial year begins, Jonathan Barber, executive director of the Institute of Financial Accountants (IFA), highlights the key updates on significant regulatory changes for accountants

HMRC

  • Making Tax Digital for Corporation Tax pilot

The MTD for Corporation Tax pilot scheme is now underway as of 1 April, marking the beginning of mandatory participation from April 2026.

Retail, hospitality, and leisure businesses that qualify will now get to benefit from a 75% extension on business rates relief for the year 2024/25, capped at a maximum of £110,000.

  • MTD ITSA pilot

HMRC is seeking tax agents and accountants to take part in the initial stage of the trial for Making Tax Digital for Income Tax Self-Assessment. This private Beta testing will be conducted from 22 April 2024 to March 2025.

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