What figures do I need to digitally record and link for Making Tax Digital for Income Tax?
HMRC stipulate that only the quarterly update income and expenses figures for each self-employment and property income source must be digitally recorded and linked. Everything else can be recorded however you like and even typed and copy-and-pasted into Easy MTD.
The figures for each income source are detailed below:
| Income Source | Income Fields | Expense Fields |
|---|---|---|
| Self-employment |
Turnover Other Tax taken off trading income |
Cost of goods Payments to subcontractors Wages and staff costs Car van travel expenses Premises running costs Maintenance costs Administration costs Business entertainment costs Advertising costs Interest on bank other loans Finance charges Irrecoverable debts Professional fees Depreciation Other |
| UK property |
Rent Other Rent a Room rent Tax deducted Premiums of lease grant Reverse premiums |
Premises running costs Repairs and maintenance Non-residential financial costs Professional fees Cost of services Travel costs Other Rent a Room relief claimed Residential financial costs Residential financial costs carried forward |
| Foreign property |
Rent Other Premiums of lease grant Foreign tax paid or deducted Special withholding tax or uk tax paid |
Premises running costs Repairs and maintenance Non-residential financial costs Professional fees Cost of services Travel costs Other Residential financial costs Residential financial costs carried forward |
If the turnover for a self-employment or property income source is below £90K, only a single consolidated expense figure needs to be submitted alongside the income figures.
If your figures are recorded in a spreadsheet, text or CSV file, you can use Easy MTD to extract and submit them to HMRC each quarter. All other figures such as personal income, tax reliefs and deductions, do not necessarily need to be digitally recorded and can be typed or copy-and-pasted into Easy MTD just like you previously did on HMRC's online Self Assessment form.
Need a Spreadsheet?
If you need an Excel spreadsheet to record your self-employment, UK property and/or foreign property income and expenses, head over to the Download page and grab one now.
