I make reference to the recent article on accounting web by John Hemming regarding ITD for ITSA this week.
My client is a 72-year-old pensioner retired seven years residing in the UK, (UK national )and submitting a yearly SA return to HMRC via his accountant. His income gross is approximately £16,000 per year comprising £13, 000 UK state and company pension income plus £2000 dividend income and £1000 UK interest income.
All income emanates from UK sources except the £2000 dividend income which is gleaned from UCITS Mutual funds/bonds resident in a fully HMRC declared overseas account in Europe (EEA country) which pay a quarterly dividend.
My question : under the currently understood parameters of MTD for ITSA,will this single (unmarried) individual be obliged/forced to report his annual tax return using the new system MTD for ITSA Or will his circumstances exempt him such that he will be able to continue to submit his once yearly tax return prior to 31st Dec as now as a single one off document/ exercise ? Alternatively will he be obliged /forced to submit four quarterly documents plus a summary return as a fifth document as is presaged under MTD for ITSA.?
grateful all input. Thank you