FSB Avoid The Fines

MTD is the Government’s plan to modernise the UK tax system by making it mandatory for around three million businesses and individuals to use digital methods for record-keeping and tax submissions. Instead of a single annual tax return (like the current Self Assessment), MTD requires taxpayers to use HMRC-compatible software to keep digital records and send summaries of their income and expenses to HMRC four times a year – quarterly reporting.

This essential online session is designed for sole traders, landlords, and tax professionals to cut through the complexity, focus on preparation, and avoid the fines for non-compliance.

Learn the rules, set up compliant digital record-keeping, and confidently meet your new reporting duties.

So, join us for this interactive session with a panel of tax experts to walk you through MTD, top to bottom, and answer your questions!

Key Session Takeaways:

• Accurately identify if – and when – you’re required to join MTD for SA based on your income threshold.
• Digital Setup Plan: A clear roadmap for implementing HMRC-compliant digital record-keeping using approved software.
• Full understanding of the process, data, and deadlines for submitting quarterly updates.
• Year-End Mastery: Knowledge of the new year-end process, including the End-of-Period Statement (EOPS) and Final Declaration.
• Awareness of common pitfalls and the new penalty system to ensure seamless compliance.
• Q&A with a bookkeeper, an accountant, and a software provider to help you cover off everything you’ll need to know and make a start on your MTD journey. Tax is taxing, but this session should make it less so.

What is MTD and why how will it affect me?

The core goal is to reduce errors and simplify tax administration by making compliance a continuous, almost real-time process. While it started with VAT, quarterly reporting is now being rolled out for Income Tax Self Assessment for sole traders and landlords.