Still looking for Making Tax Digital for Income Tax software before 7 August?

Not all Making Tax Digital for Income Tax software is the same. Here's what to consider before making your choice.

With HMRC’s Making Tax Digital for Income Tax (MTD IT) first quarterly submission deadline on 7 August approaching, many self-employed people and those with property rental income are still deciding which software to use.

If that’s you, there's still time to choose a solution that works for you and makes quarterly reporting as simple as possible. Here are some of the key things to look for before making your decision.

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Choose HMRC-recognised software

The first thing to check is that your software is recognised by HMRC for MTD IT as this is part of Making Tax Digital’s requirements. It also assures you that you can submit your quarterly updates smoothly to HMRC’s portal and stay compliant with the regulations.

TaxNav is recognised by HMRC and has already supported more than 600 live submissions through the Making Tax Digital pilot. That experience has helped shape our software to make the submission process as simple as possible.

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Look for software that fits how you work

MTD doesn't mean you have to completely change how you keep your records. If you already use spreadsheets, you shouldn't have to stop using them. Likewise, if you prefer to enter information directly into software, that option should be available too.

TaxNav offers you the flexibility to work in the way that suits you. You can enter information manually, continue using your own spreadsheet, or use one of our free spreadsheet templates. If you have more than one source of self-employment or property income, everything can still be managed within a single TaxNav account while keeping each business reported separately.

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Keep it simple

One of the biggest misconceptions about MTD IT is that quarterly updates are complicated. In reality, HMRC simply requires year-to-date totals for income and expenses. You're not completing a full tax return every three months.

Software designed specifically for MTD IT should guide you through the process without unnecessary complexity.

TaxNav includes Navi, our AI assistant, as well as helpful resources and videos to answer common questions and guide you through submitting your quarterly update.

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Think beyond your first submission

While the immediate priority may be meeting the 7 August deadline, it’s important to remember that quarterly reporting will continue throughout the tax year. Choosing software that's easy to use every quarter can save you time, reduce stress and boost your confidence in the months ahead.

TaxNav:

  • keeps each MTD IT income source organised in a simple dashboard
  • supports both standard and calendar quarterly reporting
  • provides deadline reminders
  • automatically updates your estimated tax position in our user-friendly dashboard once HMRC has processed your submission.

This all helps you stay on top of your MTD IT compliance throughout the year, with minimal fuss.

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Don't pay for features you don't need

Some bookkeeping software has added MTD IT functionality alongside many other features. Others, like TaxNav, have been designed specifically to meet HMRC's new MTD reporting requirements.

If your priority is submitting your quarterly updates simply and confidently, software that's purpose-built for Making Tax Digital for Income Tax may provide everything you need without the complexity of a wider bookkeeping system.

TaxNav subscriptions start from just £6 + VAT per month or £60 + VAT annually, with one subscription covering multiple self-employment and property income sources. Every subscription also includes a 30-day free trial, giving you the opportunity to explore the software before committing.

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There's still time to get ready

With the first Making Tax Digital for Income Tax quarterly update deadline on 7 August, now is a good time to choose your software and get everything in place.

Whether you keep your records in spreadsheets or prefer to work directly in software, TaxNav is designed to help you prepare and submit your quarterly updates with confidence.

Start your 30-day free trial today and discover why hundreds of people have already trusted TaxNav to support their Making Tax Digital journey.

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