As Making Tax Digital (MTD) continues to change the way businesses and landlords manage their tax affairs, it is important to ensure your records are up to date and submitted on time.
At Evans Entwisle, we are asking clients who require our assistance with their second MTD submission, covering the period ending 30 September, to provide us with their relevant information as soon as practicably possible.
Important deadline: 23 October
Please send us your relevant income and expense records by 23 October. This will give our team sufficient time to review your information, resolve any queries and prepare your submission ahead of the HMRC deadline.
What do you need to provide?
To help us prepare your second MTD submission, please ensure your income and expense records for the period are complete and up to date. Depending on your circumstances, this may include:
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Records of sales and other business income.
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Purchase invoices, receipts and business expenses.
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Bank statements and details of any outstanding transactions.
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Rental income and associated property expenses, where applicable.
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Any other relevant financial information for the period.
If you use accounting software, please ensure your records have been updated and reconciled wherever possible. If you are unsure what information we need, our team will be happy to advise.
Why is 23 October important?
Providing your information by this date allows us sufficient time to review your records, resolve any queries and prepare your submission ahead of the relevant HMRC deadline.
Under Making Tax Digital for Income Tax, quarterly updates summarise business income and expenses recorded through compatible software. These updates are not tax returns, but they are an important part of keeping your tax records current.
HMRC submission deadline
For clients using calendar quarters, the update covering the period ending 30 September is generally due to HMRC by 30 October. Sending us your information by 23 October helps us prepare your submission in good time.
How Evans Entwisle can help
We understand that keeping financial records up to date can be time-consuming, particularly when you are busy running a business or managing property.
At Evans Entwisle, our team is here to help you navigate the MTD process, answer your questions and ensure your information is prepared for submission.
Please send your relevant records and information to us by 23 October. If you think you may have difficulty meeting this date, please contact us as soon as possible so we can discuss the next steps.
Thank you for your cooperation and for helping us keep your tax affairs running smoothly.
Need help with your Making Tax Digital submission?
Our team can help you prepare your records, answer your questions and get your quarterly update ready for submission.
Contact Evans Entwisle