Making Tax Digital

Are you a sole trader or a landlord or both with:

  • Sales (not profit) of more than £50,000? – be ready for Making Tax Digital from 6th April 26.
  • Sales more than £30,000 – be ready for Making Tax Digital from 6th April 27
  • Sales more than £20,000 – be ready for Making Tax Digital from 6th April 28


This involves filing quarterly tax returns so every 3 months as below HMRC will require a submission of your profit & loss and then a submission at the end of the year just like you do already. 

You can opt for standard period exactly in line with the tax year or calendar period which is using the nearest month end which might be easier in some cases before you make your first submission.

See below for table

1st Submission 3 months profit & loss summary

Standard period 6 Apr – 5 Jul

or

Calendar period 1 Apr – 30 Jun

Submit 7 Aug

2nd Submission 6 months profit & loss summary

Standard period 6 Apr – 5 Oct

or

Calendar period 1 Apr – 30 Sep

Submit 7 Nov

3rd Submission 9 months profit & loss summary

Standard period 6 Apr – 5 Jan

or

Calendar period 1 Apr – 31 Dec

Submit 7 Feb

4th Submission 12 months profit & loss summary

Standard period 6 Apr – 5 Apr

or

Calendar period 1 Apr – 31 Mar

Submit 7 May

Final Tax Return with year end adjustments to be filed by 31st Jan as normal

If you think you might need some help with this then why not give us a call on 07949 687929 for a quote or use the contact button to email and let Balance Your Books take the stress away while you get on with running your business.

Balance Your Books is a small accountancy business who specializes in giving you that personal attention and peace of mind that your books are balanced and everything is taken care of.