Overview

Welcome to the IRIS digital tax hub – everything you need to help comply with the new MTD (Making Tax Digital) legislation can be found here.

How does it work?

You may have noticed over the last few years when entering details (for example,  sole trade income), that IRIS has incorporated the ability the select your own figures or those pulled from HMRC’s own database.

This hub works by using whatever information is selected in those situations and displaying it for you so you can clearly see what you are about to send to HMRC.

What do I need to do?

• This example assumes you have already been granted authorisation by your client through the HMRC system. If you have not, or are not sure, read here for more information.

Here is an example breakdown of the stages of the MTD process:

1. In Personal Tax, set your reporting periods, request obligation dates and enter income and expenses for a sole trade.

2. When the period is due 'View’ the information to check the figures are correct, then 'Finalise’ and then ‘Submit’ the period.

3. If you are not happy with the figures you can amend them within Personal Tax.

3. After all periods are submitted, enter any adjustments and allowances and ‘Submit’ them.

4. When you have met all your obligations, check the mini computation figure and click ‘Confirm & Submit’ to send your End of Period Statement.

5. On the End of Year Submission page you can view your current status. After entering them in Personal Tax now or through the year, you can now ‘Submit’ your other incomes and reliefs.

6. After submitting, you will be shown HMRC’s current calculation of all the data you have sent them. Click Agree.

7. If you do not agree with the calculation shown, you must contact HMRC through your normal channels.

You have now completed MTD!

This process can be used for every sole trade, UK FHL (Furnished Holiday Let) and UK other property that the client has data for.