If you’re self-employed or a landlord in Ealing, Acton, Chiswick or anywhere else in West London, a new date should be on your radar: 7 August. This is when the first quarterly submission under Making Tax Digital for Income Tax (MTD IT) is due for those already in scope.
It’s easy to assume MTD is still a future problem. For a growing number of sole traders and landlords, it isn’t — it’s now.
What’s Actually Changing
Under MTD for Income Tax, instead of one Self Assessment return a year, you’ll need to:
- Keep digital records of your income and expenses
- Submit a summary to HMRC every quarter, using compatible software
- Send a final declaration at the end of the tax year
The 7 August deadline covers the first quarter for anyone required to join the scheme in its opening phase. Later phases will bring in more sole traders and landlords over the next few years, based on income thresholds.
Three Things to Check Before the Deadline
1. Are your records actually up to date? Digital record-keeping only works if the records are complete. Gaps or unreconciled transactions cause more problems at quarter four than at quarter one — sort them now rather than later.
2. Is your software set up correctly? Whether you’re on Xero, QuickBooks or another MTD-compatible platform, it’s worth confirming the right categories and workflows are assigned before you submit, not after.
3. Have you left yourself time? Submissions done in the last day or two leave no room to fix an unexpected issue. Aim to have everything ready at least a week out.
Why This Matters More for Some West London Clients Than Others
Landlords with property income and sole traders running businesses across West London — tradespeople, consultants, shop owners — are exactly the group MTD IT is designed to catch first. If you fall into either category and haven’t had a conversation with your accountant about which quarter you’re in, that conversation is overdue.
How G&C Accounting Can Help
We’ve been supporting businesses and individuals across Ealing, Acton, Hammersmith, Chiswick, West Ealing and Hanwell since 2007. If you’re unsure whether MTD for Income Tax applies to you yet, or you want someone to check your records before the 7 August deadline, get in touch.
Call us on 0208 998 5455 or email info@gnc-accounting.co.uk — we’ll tell you plainly where you stand and what, if anything, needs doing before the deadline.