Making Tax Digital - Period End Statements

Making Tax Digital for Income Tax for Self-Assessment: end-of-period statements

 MTD Compliant Accounting Software - Making Things Simple

 Does it seem like we’re always talking about MTD?

 That’s because we are.

 And we are ‘going on’ A LOT because we point blank refuse to keep our clients in the dark and have a mad panic right at the end…when stress levels go into overload.

 It’s not for us and it’s not for our clients.

 To recap, one of the biggest changes ahead with MTD - ITSA is the introduction of quarterly reports rather than an annual tax submission.

 With time, practice and patience it will simply become another business process for you to get the hang of.

 Taking it one step further, you will also have to make an end-of-period statement (EOPS) at the end of each year. This must include all relevant accounting and tax adjustments and will finalise your position for the end of the year.

 Sounds reasonable?

 Yes and actually, it’s not a process that has been put in there to further add to your workload, it’s your opportunity to make any accounting adjustments and claim any reliefs that you didn’t include in your quarterly reports.

 It’s also the time to confirm the accuracy of any earlier reports.

 And your secret weapon, leaving you free to focus on your businesses, services and products?

 MTD-compliant accounting software

 We work with QuickBooks or Coconut and you can find out more about each one here, or give us a call and we can advise you.

 By using the software you will be able to automatically generate quarterly reports and statements with ease.

 The final piece in the puzzle:  the final declaration

 The final reporting requirement under MTD for ITSA is known as the final declaration.

 This is when you report any additional income and expenses that you would previously have included in your Self Assessment return.

 The final declaration is used to finalise your position for the end of the year and calculate your overall tax liability.

 This, in effect, replaces your annual self-assessment return and is a summary of your overall personal position.

 One step at a time

 We understand that it may seem overwhelming, especially if you’re still using paper and spreadsheets as your accounting system.

 And that’s why we are determined that we will make things as smooth as possible for our clients and for ourselves.

 Registering is the first step, so stick around and you can be sure that we will offer timely advice, every step of the way.