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MTD for income tax

What period will cover first submission?

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If a tax year for a sole trader is from 6th April to 5th April, will the first submission under MTD cover a period from 6th April to 5th July?

Or it will be for 6th April to 30th June?

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By rmillaree
23rd Jun 2021 08:57

Good question i dread to think what the answer is - if ever there was a good time to change the end of the tax months/tax years to the end of the calendar month that time is approaching (or has sadly long since passed).

I remember back in the day ploughing a lone furough trying to get the ridiculous £5 that was stuck on the end of the personal allowance removed (it used to generate lots of 88p and similar tax bills that would not otherwise have been generated costing tens of thousands a year in postage costs) - got a very pleasant reponse back from the relevant department explaining that this was an impossible task and some nonsensical reason why that mentioned tax table tolerences.

It did eventually immediately vanish the second the chancellor wanted it made so , note i don't think they specifically did that for the right efficiency gains reasons they just wanted a nice round shiny number to show off to the masses - so more for vanity than sense - job was done though - sometimes vanity does pay off - whoooo.

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By paul.benny
23rd Jun 2021 09:20

Good that you're thinking ahead. But MTD doesn't start for almost two years.

If you want to stay up to date, look at the gov guidance here and sign up to receive updates.
https://www.gov.uk/government/collections/making-tax-digital-for-income-tax

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By vtsoftware
23rd Jun 2021 09:57

The documentation and sample data supplied to developers infers it will be 6 April to 5 July. You can also break this down into any number of submissions with shorter periods spanning that period (if your software supports this).

See the section with the title Request at https://developer.service.hmrc.gov.uk/api-documentation/docs/api/service...

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