The Submit quarterly update window displays your figures and calculates the categories.
The sections will show either Business or Property depending on the type of business you have set up for MTD for Income tax.
TIP:
You can also export information from this window using the export icon above the Amount column.
This displays the individual transactions. The software includes all transaction types posted to Profit and Loss codes other than Ledger Year End journals.
Section
Details
Tax year
Select the tax year to submit for.
Quarter
Select the quarter in the tax year to submit for.
Submission deadline
The submission deadline for the selected quarter.
Last submitted to HMRC
The date you last submitted your update to HMRC.
Business income or Property income categories
Each line is an Income Tax category and the 'Amount' includes transactions that make up the category from each nominal node. The 'Total' is the credit balance minus the debit balance.
Drill down on each Amount to see the nominal codes for each category.
NOTE:
When you drill down, the amount of each Nominal code is the full property value and the software doesn't adjust for your ownership share.
You can then drill down on each nominal code amount to see each transaction.
Business income or Property income Total
Total of each category in the income section.
Business expenses or Property expenses categories
Each line is an Income Tax category and the 'Amount' includes transactions that make up the category from each nominal node. The 'Total' is the debit balance minus the credit balance.
Drill down on each Amount to see the nominal codes for each category.
NOTE:
When you drill down, the amount of each Nominal code is the full property value and the software doesn't adjust for your ownership share.
You can then drill down on each nominal code amount to see each transaction.
Business expenses or Property expenses Total
Total of each category in the expenses section.
NOTE:
If you're a landlord and specify your property ownership share when you set up, you'll see the information: 'These amounts have been adjusted to reflect your xx.xx% share of the properties.'
