Under the requirements of MTD for Income tax Self Assessment, individuals who are subject to income tax on the profits of their trade, profession, vocation or property business will be required to keep their accounting records electronically using suitable software and file quarterly returns to HMRC with details of their income and expenditure together with any other information that HMRC specifies. A final end of period statement will then be submitted after the tax year to complete the individual’s tax affairs.

Although the frequency of reporting is to change, the timing of tax payments will not and the current system of payments on account and balancing payment by 31 January after the tax year is currently expected to remain in place.

Numerii has an MTD package in place offering you access to both the software required and the team’s expertise to take all the strain out of these new regulations. Give us a call or use the form below for an initial chat.