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Information for Income Tax Self Assessment
Below you will find a copy of the booklet and documents posted to clients who will be affected by MTDfITSA, alongside links to our chosen software and HMRC’s announcement on the changes that are coming into effect.
We would like to take this opportunity to reiterate why we have chosen to get ahead of the game.
MTDfITSA will bring a significant change to the way many of our clients record and submit their tax return information. Clients will need to keep electronic records of income and expenditure and, instead of annual returns, HMRC are implementing quarterly submissions together with a separate End of Period Summary (EOPS) in addition to the original tax return.
This brings a whole new way of working for most people and we want to make sure our clients are comfortable with the changes and compliant ahead of HMRC’s first deadline of April 2027 and second deadline of April 2026. This way we can ensure effective training for clients undertaking their own bookkeeping. We can also help with any issues ahead of the deadline which will mitigate any penalty charges that would arise from late submissions.
Please use the Updated MTD Info Booklet and HMRC Announcement links for a full explanation of the changes and deadlines.
For many years now, MWR have been using Xero for a wide range of existing clients, with more coming on board regularly. Staff are well trained and comfortable using the software, and therefore here to assist our clients in any way we can.
We have chosen Xero as it is accounting software for everyday businesses. Using the cloud-based software means you can access your Xero account from anywhere at any time and as accountants so can we. So as soon as the tax period has passed, be it quarterly or annual returns, providing the information is kept up to date we can make a start on your accounts and tax returns without you needing to send us any information.
Please see the attachments and links below for more information on how Xero works.
MWR Client Testimonial
“Thank you for helping me use Xero. With just a couple of hours help on the phone I was able to use this programme to enter my invoices and receipts very easily. Linking it to the business account meant that masses of my time was saved. Using the programme will both save me accountancy fees and remove so much wasted time for both me and MWR.
If you can run a business, you can do Xero!””
As a firm, we have chosen Hammock as our software for landlords.
This is because Hammock is designed for landlords by landlords and as an added extra, we can use it to pull together the information HMRC are looking for under MTDfITSA.
Hammock are always improving their software and adding elements specifically to help those renting out properties to manage their portfolio more effectively by holding all of your property finances in one place.
As well as speeding up the accounts process, Hammock will send notifications when rent is not received when expected, when necessities like insurance policies and gas safety certificates need renewing. It is so much more than just accounting software.
Please view the introductory video below for a clear and comprehensive overview of how Hammock will work for you. Or take a look at Hammock’s range of training videos.
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