Newcastle based Sage launches new accounting tools for sole traders and landlords

Sage, a specialist in accounting, financial, HR, and payroll technology for SMEs, has launched a series of new tools to help accountants support the 4.2 million sole traders and landlords impacted by one of the UK’s biggest tax changes.

MTD for ITSA will apply to unincorporated sole traders and landlords from April 2024, if their annual business or property income exceeds £10k in a tax year and to be compliant, businesses and property owners will need to make records and income tax self-assessment submissions digital using compatible software.

92 per cent of SMEs use the service of an accountant, with 49 per cent using their services at least weekly, according to Sage research. With the demand on accountancy and tax services set to increase with the introduction of MTD for ITSA, accountancy practices need to properly prepare to support their clients through the changes.

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