For those affected, the annual Self Assessment will disappear, replaced by quarterly updates, an End of Period Statement and a Final Declaration. Businesses will also need to keep digital records using compatible software. The days of rifling through shoe boxes stuffed with paper receipts will soon be over. Here at Xero, we’ve been busy getting ready for the changes. We’re one of the first software providers to launch an MTD for ITSA beta, so accountants can take part in HMRC’s pilot and get set for the transition ahead of 2026. We’re also on the ‘available now’ list for approved MTD-compatible software. Although it might sound a long way off, we recognise how important it is to work with HMRC to create the best possible solution for accountants and their clients well before the MTD for ITSA start date of April 2026.
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