In Development

MTD Business Filer

TaxCalc Business Filer will be the bridge between your clients’ digital records and HMRC. MTD for Income Tax Self-Assessment (ITSA) will require unincorporated businesses with trading and property income to keep digital records and submit summary income and expense information, on at least a quarterly basis, to HMRC. This will create additional touch points with HMRC and an added administrative burden for you and your clients.

Register your interest

The bridge for MTD for ITSA

*exceeding 10k income

On the 23 September, The Financial Secretary to the Treasury Lucy Frazer published a Written Statement amending the planned rollout of MTD for Income Tax. In addition to the Written Statement, 'The Income Tax (Digital Requirements) Regulations 2021' were also published, providing the legislation that underpins MTD for ITSA.

At TaxCalc we are committed to making the transition to MTD as clear, straightforward and as easy as possible, giving customers plenty of time to use the product solutions before MTD is mandatory. Given the afore-mentioned announcements and the recent 'Basis Period Reform' consultation, we are waiting for further information and clarity on the details required to achieve the new tax year based submissions as opposed to the accounting period based submissions and will confirm a solution delivery timeframe as soon as we know more.

The new timeline for MTD for ITSA announced in the Written Statement was as follows:

  • From April 2024, Self-Employed businesses and landlords* will be required to follow the new rules.
  • From April 2025, General Partnerships* will join the new regime.*
  • Dates for other partnerships and corporations are yet to be confirmed.

SimpleStep® built in

Manage Business Information

For convenience and clarity, you can request information directly from HMRC about your clients’ businesses. Then you can link them to existing businesses in TaxCalc or create a new business record based on the information held by HMRC.

Obligation
Periods

Make sure the data you’re working with is accurate and up-to-date. Business Filer will collect your obligation periods from HMRC.
It also lets you request previously submitted information, even if you didn’t use Business Filer to do so.

Flexible Reporting Periods

Business Filer offers full flexibility over submission periods. Simply submit and track quarterly, monthly, weekly or custom update periods to fulfil your obligations.

Simple Data
Capture

Easily map record keeping spreadsheets and CSV files from third parties for data transfer – ideal for businesses with simple requirements or existing systems they don’t wish to change.

HMRC Tax
Estimate

Following submission of information to HMRC, obtain an income tax calculation for the year, based on all the information HMRC currently possesses, allowing you to advise your clients on potential tax liabilities, tax planning and budgeting.

Quarterly Obligations Overview

Business Filer will ensure a clear and concise view of your client’s MTD for ITSA obligations, regardless of the number of businesses they have.  See all your client’s obligations in one place and
easily navigate to each period
for submission.

All of this and much more, integrated into the TaxCalc ecosystem, is on its way…

Register your interest

TaxCalc Business Filer will simplify and provide clarity on the new in-year quarterly filing requirements placed upon businesses by MTD for ITSA. Our SimpleStep® process will guide you through:

Creating business records.

Creating and submitting obligation and update periods for trading and property businesses.

Managing obligations, ensuring you know when deadlines are coming up across all your clients’ businesses.

Stay on top of your quarterly obligations under MTD for ITSA

MTD for ITSA Pilot

As MTD for ITSA has been delayed until April 2024, HMRC has removed the option for individuals to join the pilot programme directly via the gov.uk website. Any new entrants to the pilot programme will be via 3rd party software providers only. Any individuals who are already participating in the pilot can continue to do so.

  • Sole traders with income from one business and landlords who rent out UK property.
  • Self-Assessment tax returns and payments are up to date and you’re a resident in the UK
    for tax.
  • You cannot currently join MTD for Income Tax if you have income from any other source or if you have other payments you make that are taxable or that you claim tax relief on.

We will keep you up to date with any changes in eligibility.

Learn more

To ensure our customers are able to familiarise themselves with the MTD for ITSA process, and experience the full capability of our software with live clients, we shall be accepting invitations to join the pilot programme for the 2023/24 tax year, ahead of the mandation of the 2024/25 tax year from April 2024.

HMRC will be sharing more detail in early 2022 including the pilot outline plan, which will include a roadmap identifying when various customer types will be eligible to join.

The current criteria for joining the pilot scheme is as follows: