what is the process

1. Sign up for MTD by 6 April 2023

2. Keep digital reocrds using software

3. Send HMRC an update every 3 months

4. at the end of the year finalise your data and submit this to HMRC

5. at the end of the year report your income to HMRC in a final declaration 

6. Pay any taxes due

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What are the reporting periods?

Quarter  PeriodDeadline

 1 6 April - 5 July  5th August

 2 6 July - 5 October 5th November

 3 6 October - 5 January 5th February

 4 6 January - 5 April 5th May

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When will i need to pay tax?

At the moment the payment dates will not change, so you still pay any tax due by 31 January with payments on account on 31 January and 31 July. There may be a change in the future that means you have to pay quarterly but that isnt happening yet.

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You can of course pay any tax you think might be due when you submit the update. the details of how this will work is still being decided.