You must send quarterly updates to HMRC as part of Making Tax Digital (MTD) for Income Tax. These updates report your income and expenses. They form the basis of your end of year tax return. Choose one of two submission periods: - Standard period, which runs from 6 April to 5 April
- Calendar period, which runs from 1 April to 31 March
If you're not sure which period suits your business, check with your accountant or agent. You can only change your submission period before you send your first update for that tax year. |