Making Tax Digital (MTD)
How we can help you with HMRC’s tax initiative.
Contact us today
If you have a question for us, please click the link and send us a message. We’ll get back to you without delay.
Book an appointment
Click the link below, select an option and set a time suitable to you for a meeting with our team.
Our Other Services
OUR SERVICES | DAVIS LLP & CO
Making Tax Digital for Individuals and Business
Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) is an initiative introduced by HMRC to help individuals and businesses maintain accurate records and reduce tax errors.
What does MTD for Income Tax involve?
Key requirements
- Digital Records
You’ll need to keep records of your business transactions in ‘functional, compatible software’. - Quarterly Returns
Each quarter, you’ll need to send HMRC a digital summary of the transactions in the software. - Final Declaration Submission
At the end of each tax year, HMRC will require an end-of-year submission to finalise your tax position.
Who needs to comply with Making Tax Digital?
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) requires businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter using compatible software.
For individuals, MTD for ITSA will be introduced in two phases:
Why do you need our services?
To read more on MTD for ITSA, follow our blog: Making Tax Digital