Making Tax Digital for Self Employed

Making Tax Digital for the Self Employed

It’s not compulsory to sign up for MTD for income tax for self-employed people and landlords but you can sign up the pilot scheme. It has been postponed until 2021 at the earliest.

The pilot lets you keep records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return, but once registered you cannot opt out.

You’ll need to use compatible software to keep records and send an income and expenses summary to HMRC every three months, and then you will be able to see estimates of how much tax you will owe.

At the end of the accounting year, you will send a final report and your tax for the year will be calculated. This is the point at which you’ll claim any allowances and reliefs.

You can read about this on the HMRC website here.

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