Making Tax Digital (MTD)
What is Making Tax Digital?
Making Tax Digital is a new system from HMRC that changes how the self-employed report their income. Instead of submitting your tax return report once a year, you’ll need to keep digital records and send updates every quarter using approved software.
Don’t worry if you’re below the threshold, it’s still a good time to get ready.
What’s Changing?
Quarterly Updates
1
You now will have to send a short update every 3 months. You still submit one final declaration at the end of the tax year.
Digital Records
2
Keep your income and expenses digitally instead of using paper records.
Approved Software Use
3
Use HMRC-approved software to keep records and send updates.
New Penalties
4
Late or missed submissions may result in points and penalties.
How can GTS help?
We make the move to Making Tax Digital simple. From choosing the right software to keeping your records organised, we’ll support you throughout the process and help you stay compliant with HMRC.