The introduction of the new MTD service is being phased to enable the Ftax team to better support the immediate needs of its customers.
MTD for IT is new and confusing to many. HMRC have held trials but have not yet experienced large volumes of users. To best support its customers Ftax will initially focus on the following first stages of service use:
- Assistance in selecting and purchasing the appropriate product.
- Help in Authorising Ftax for the use of MTD for IT.
- Support in setting up spreadsheets to record income and expense details.
- Help to setup the Ftax Cashbook to record income and expense details.
The second phase will help customers to transfer income and expense data to the Ftax Quarterly update form and to submit the quarterly data to HMRC. HMRC do not require the first quarterly submission to be made until July 2026. Even though you can submit earlier there is no urgency to do so until then. The Ftax team will step up its support for this phase well in advance.
The following timeline shows how the full lifecycle of MTD for IT tax filing stretches across 1 year and 9 months. HMRC requirements are spread over this period.
The Ftax team are here to help. We will tell you what you need to do when you need to do it.