You must keep records of all business income and expenses digitally (not just on paper). Every quarter, you must submit a summary of your income and expenses to HMRC.
Quarterly updates are cumulative for the tax year. Each submission must contain the latest quarter’s records plus the records you’ve already created since the start of the tax year (including any corrections).
MTD Assist is a lightweight but powerful tool that fulfils MTD obligations for income tax without the stress, confusion, or clutter of other software solutions.
Which type of digital record should I keep?
Digital record keeping under MTD for Income Tax applies to everyone (whether your income is above or below £90,000), but the way you submit your quarterly updates differs depending on turnover.
You will need to keep a digital record for each type of income source you have. To find the most relevant digital record for your set of circumstances, select one of the options below:
My annual income is below £90,000
My annual income is below £90,000
Click on your income source for more information:
My annual income exceeds £90,000
My annual income exceeds £90,000
Click on your income source for more information: