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Sage has announced the launch of a series of new tools aimed at helping accountants support the 4.2 million sole traders and landlords impacted by one of the UK’s biggest tax changes.
The ‘Making Tax Digital for Income Tax for Self-Assessment’ (MTD for ITSA) will apply to unincorporated sole traders and landlords from April 2024.
The end-to-end solution features two new Sage products. The first of which is Sage Accounting Individual, designed to support sole traders with the simplest of tax needs and Volume Purchase Agreement (VPA) that allows practices to forward plans for the right solutions for their clients.
Sage is also announcing a new strategic partnership with Hammock, the accounting platform for landlords to manage rental property transactions, will offer a dedicated solution to the 1.3m UK property owners impacted by MTD for ITSA.
Andreas Georgiou, VP product – accountants, Sage, said: “The vast majority of the 4.2m sole traders and landlords impacted by MTD ITSA still use manual paper records and wait until the last minute to submit their income tax self-assessment returns.
“The huge dependency these individuals have on accountants is set to grow with the introduction of MTD ITSA and create even greater pressure on the accountancy sector to truly digitise their practices to handle the increased workload as efficiently and profitably as possible.”
