MTD for Income Tax is a UK government initiative. It changes how eligible sole traders and landlords keep records and report income to HMRC.
What changes under MTD
Keep digital records of income and expenses
Send quarterly updates to HMRC
Complete a final declaration each year
What this replaces
MTD for Income Tax replaces the current annual Self Assessment process for eligible sole traders and landlords.
Use AccountsPrep to prepare and submit data
AccountsPrep helps you prepare year end accounts using your client’s financial data. You can analyse transactions from bank statements, including multiple bank accounts if required.
As part of this process, you can submit analysed data to HMRC to meet MTD requirements.
What you can do in AccountsPrep
Enable income tax settings
Assign income tax categories
Review the Income Tax Summary
Send quarterly updates