Getting ready for MTD – obligations, process and software

Getting ready for MTD – obligations, process and software

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  Making Tax Digital forIncome Tax and Self-Assessment November 2025
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  Page 2 MTD forIncome Tax Joe Harrison Manager Matthew Hector Senior Manager Click icon to add picture Lee Sharman Partner, Head of Outsourcing
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  Page 3 Page 3 MTDfor Income Tax ▪ Overview and timelines ▪ The impact on individuals ▪ Software options ▪ Software demonstration ▪ How we will support ▪ Top tips ▪ Q&A
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  Page 4 The Impact ▪780,000 people impacted ▪ Self employed and rental income, both domestic and overseas ▪ £50,000 – April 2026 - 24/25 tax return ▪ £30,000 - April 2027 - 25/26 tax return ▪ £20,000 – April 2028 – 26/27 tax return ▪ Not partnerships or income from limited companies
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  Page 5 The Impact ▪Maintain digital records and provide quarterly updates to HMRC through MTD compliant software ▪ Split by income source; each trade, UK property income and overseas property income ▪ Updates include the quarter in isolation and a cumulative figure ▪ 4 updates, EOPS and Final Declaration ▪ Tax deadlines remain the same ▪ New late filing penalty system
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  Page 6 Software ▪ Recordkeeping and submissions need to be completed using MTD compliant software ▪ Excel will require bridging software ▪ Submissions are more complicated than those required for MTD for VAT – software automation limits the complexity ▪ Software costs have been driven down ▪ Accounting software will make the record keeping a lot easier providing additional functionality over Excel ▪ Could reduce your Self Assessment compliance cost
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  Process/ Software Demonstration
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  Page 15 MTD CoreMTD Check MTD Complete Training webinar   N/A Software costs (12 months)    HMRC registration    Software setup & integrations    Quarterly bookkeeping review and feedback  Quarterly bookkeeping and reconciliations  Quarterly submissions   Support Services
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  Page 16 Top Tips ▪Consider banking arrangements – separation can ease reconciliations ▪ Consider the basis in which you file VAT ▪ Register for an MTD online gateway ▪ Select and integrate software – review the market, procure and integrate ▪ Make sure you understand the obligations ▪ Have a practice run
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  Page 17 Any questions? MakingTax Digital (MTD) Support