Can I use Excel instead?
No – not for your quarterly reports or final declaration. HMRC will only accept submissions from approved MTD software, unless you’re exempt.
But that doesn’t spell the end of all the systems you’ve spent years perfecting. If you use Starling’s software, you’ll be able to download your reports and feed them into your bespoke spreadsheets. Although for tracking Profit and Loss (P&L), you may want to use our built-in tool, designed to give you a detailed overview of your finances.
You may roll your eyes at the extra deadlines and software that come with MTD for Income Tax. But ultimately, the changes should mean that you gain a much better understanding of your cash flow so you can better prepare for your final tax bill. Categorise expenses as you go, review money in and out every month, keep tax money separate so you don’t dip into it – and 31 January will become just another date.
*Terms and conditions will apply to the use of Starling Accounting (coming soon).
The content and materials featured or linked in this article are for your information only and are not intended to address your particular circumstances or requirements. This information does not constitute advice in any way and should not be taken as such. If you have any questions, we recommend that you contact HMRC or speak to a qualified accountant, financial advisor and/or tax advisor.
