This is for all types of business, whether you are a limited company, sole trader, partnership, etc.
At present there is no free software for MTD although HMRC is working closely with software providers to ensure that there is a range of suitable products. However,this software tends to be very basic and unsuitable for the majority of businesses.
The commercial software's that are available do vary and are suited to different kinds of businesses. Before you choose your software, you should speak to us so that we can explain which software would be best for you as well as provide training where needed.
While income tax will not be mandated until April 2020 at the earliest, the Inland Revenue have supplied some basic information which may be subject to change.
The basic requirement is for information to be updated quarterly to HMRC. The timescale is likely to be one month after the end of your quarter and then an amendment would be able to be made when full accounts are prepared at the end of your financial year.
Where you have multiple businesses, you will need to make a quarterly return for each of these, for example if you have three businesses you will have to make twelve quarterly returns.
We have been working with our clients over the past year to ensure the books are delivered to us in an electronic fashion to ensure that the compliance fees for this are kept to a minimum.