Making Tax Digital
the tax man discovered wifi
He’s digital… and nosy
The3Key will get you compliant, keep you on track and make sure the Tax Man gets his updates without you losing sleep.
Simpler Record-keeping
Digitally Synced with HMRC
No MTD Penalties
tax is GOING DIGITAL, ARE YOU READY?
Online filing isn’t optional, it’s required
The3Key connects you with FreeAgent or Xero, gets you set up and ensure things take as little time as possible. Time saved, stress avoided, all handled. Digital tax done right.
what is mtd?
Self Assessment 2.0
The Tax man's after more numbers
HMRC want quarterly digital updates from the self-employed through approved software. Four quarterly filings a year, followed by a final submission to cut errors and close gaps.
mtd for income tax
who will mtd affect?
it's happening whether you like it or not
Making Tax Digital marks the end of one return per year. Profits are irrelevant, it's income. Hit the threshold and you’re in.
You can't avoid Making Tax Digital
Get ahead and implement simple systems now.
core requirements
HOW DOES it WORK?
Simpler bookkeeping, quarterly filings, final declaration
You must maintain digital accounting records in software. Manual records will no longer meet the legislative requirements. You must record the date, amount and category of income and expenses.
Taxpayers must send HMRC quarterly income and expense summaries, not full returns.
- 6 April to 5 July: Due 7 August
- 6 July to 5 October: Due 7 November
- 6 October to 5 January: Due 7 February
- 6 January to 5 April: Due 7 May
Each sole trader or property business needs its own quarterly update, so one of each means eight a year.
After submitting quarterly updates, additional income such as bank interest, employment income and capital gains is entered. The filing deadline remains 31st January following the end of the tax year.
stay compliant
We Get You MTD-Ready
HMRC sends the letter, The3Key beats it.
Scope Check
Determine if you're in scope based on your 2024/25 tax return.
Exemption Review
It's unlikely but check if you qualify for any MTD exemptions.
HMRC Signup
Sign you up before the first quarterly update is required.
Software Setup
Train you on MTD-compatible software, FreeAgent or Xero.
Authorisations
Handle agent authorisations, so we can work on your behalf.
We're ready
We've dotted the i's and crossed the t's. We're ready for HMRC.
