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Professional VAT Accountants - Affordable Tax Solutions

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totaltax9
Professional VAT Accountants - Affordable Tax Solutions

UK's Making Tax Digital (MTD) digitalizes the tax system. VAT reporting rules have already changed. MTD for Income Tax Self-Assessment (ITSA) coming in 2026.

Myth # 01

For tax purposes, you must keep digital records of your income and expenses and send summaries to HMRC every three months. At the end of the year, tax accountants suggest you claim reliefs and allowances, submit an "End of Period Statement," and make a final declaration before January 31st. Sole traders and landlords must keep separate records and follow the process for each source of income.

Myth # 02

You need to sort out MTD for ITSA compliance or hire an accountant. You have two options: use MTD-compliant software to maintain financial records, prepare and send quarterly updates and EOPS, finalize your income, and communicate digitally with HMRC. Alternatively, you can use HMRC-approved bridging software to link non-MTD-compatible software to HMRC's system for MTD reporting.

Myth # 03

With MTD for ITSA, you will continue to record your income and expenses as before, and the MTD software will handle the rest. However, you must start if you still need to maintain digital records. Exemptions are granted for specific reasons, but preferring paper tax returns is not a valid ground for exemption. It's time to embrace digital software.

Myth # 04

MTD for ITSA is a new way of managing tax that requires a "little and often" approach to maintaining financial records while reporting to HMRC more frequently. The VAT accountants will handle much of the work. The software might make your life easier by eliminating the hassle of gathering all the necessary information for a Self-Assessment tax return.


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