1. quarterly accounts submissions for total income and total expenses for each business (even if you’re not VAT registered)
2. an annual End of Period Statement for each business
3. an annual Final Declaration submission as an individual

Nobody likes change, and extra work will be involved in setting up the procedures to enable digital account reporting. Therefore we are giving you plenty of notice and guidance to help make your transition problem-free.

The long-term benefits will far outweigh the initial short-term changeover

As your trusted accountancy firm, we’re here to help you navigate HMRC’s MTD demands.

Even if you currently rely on ‘shoe box’ or ‘carrier bag’ bookkeeping, we promise it won’t be as hard as you think. Plus, you’ll probably find loads of time-saving benefits and financial forecasting advantages.

1. Add the 6 April 2024 deadline to your diary
2. Add April 2023 as an ideal deadline to have digital software in place
3. Start maintaining monthly records now (even if it’s still paper, to begin with)
4. Set up a separate bank account to link to your chosen digital software (a separate account makes your bookkeeping easier and, in the event that your records are selected for an inspection, HMRC will have access to this bank account.
5. Start talking to us now if you have any concerns

What happens next?

There are still a lot of unknowns around MTD Income Tax because HMRC official information is limited. The best action is to be prepared well before April 2024 to avoid the inevitable last-minute scramble.

Browse through the Key Accountancy MTD knowledge hub to learn everything you need to know. We encourage you to read each section and take action to implement the recommended steps. We’re here if you have any questions.

Let’s start preparing now.