MTD ISA Quarterly Returns

Making Tax Digital for Income Tax Self Assessment (MTD ITSA) requires businesses and landlords to keep digital records and submit quarterly updates to HMRC using compatible software

We provide help and advice managing MTD ITSA Quarterly Returns. Our team ensures deadlines are met, and help clients understand HMRC’s ongoing tax calculations based on quarterly submissions

How do we help with managing MTD ITSA Quarterly Returns?

Digital Record-Keeping

• We ensure all business transactions including income and expenses are recorded digitally using compatible MTD software.
• Our team can assist with migrating from manual or spreadsheet-based systems to more compliant digital platforms

Preparing Quarterly Updates

• Every quarter, our team compile a summary of income and expenses for your business or your source of income.
• These summaries are less detailed than a full tax return and do not require accounting or tax adjustments at this stage.
• If your business has multiple sources of income then separate quarterly updates will be prepared for each one.

Submitting To HMRC

By using compatible MTD software we can to submit quarterly updates online to HMRC in time for the quarterly periods deadlines which are:

• 6 April–5 July (due 7 August)
• 6 July–5 October (due 7 November)
• 6 October–5 January (due 7 February)
• 6 January–5 April (due 7 May)

Error Correction and Cumulative Reporting

• Quarterly updates are cumulative. This means any errors or omissions in your records can be corrected in subsequent submissions

End-of-Year Process

• After the fourth quarterly update, our team prepare an End of Period Statement (EOPS) to make necessary tax and accounting adjustments.
• We submit a final declaration that reconciles the quarterly figures and reporting any other income or reliefs, which is very similar to the current Self-Assessment process