MTD software

golden
golden Registered Posts: 4 New contributor 🐸
I have both property income as well as self employment and wish to be ready for MTD.
I have spoken to Hammock who do software that is only for property income and wish to be able to have software that can deal with both my self employment as well as my property income rather than getting 2 different types.
They both need to be compatable with HMRC systems but when I call them they arent giving any information out at all about how the MTD processes will work, so do I assume I have to do 4 quarterly statements to HMRC for both property income as well as my self employment and what software would be compatable with doing both even if I have to have 2 accounts with them?
I dont want to learn 2 types of software systems or pay for 2 different systems either so one software company would be better for me.
I dont want to link my bank account either so may need to enter my income and expenses from a spreadsheet into their systems to then link with HMRC but this is all new to me.
I am very wary of linking my bank account with any system as there is too much scamming going on in my opinion.
Are sage a good idea for my purposes?
Does anyone have understanding of how MTD will work?

I have been doing traditional accounting as well and now realise that I may be better to use cash in cash out and Hammock told me they only deal with cash in cash out. What is the opinion of anyone of changing to cash in cash out? I earn under 150K so I believe I am allowed to do cash in cash out.

I cant find any information about this in terms of how it will practically work and am very nervous of not being ready for MTD. I normally do all my accounts on ledgers and then do the paperwork and put these figures into gov gateway on my self assessment which I have been happily doing for many years so any info would be very gratefully received.
Thank you

Comments

  • TablesForce
    TablesForce Registered Posts: 18 New contributor 🐸
    golden said:

    I have both property income as well as self employment and wish to be ready for MTD.

    They both need to be compatable with HMRC systems but when I call them they arent giving any information out at all about how the MTD processes will work,

    That is presumably because they themselves haven't figured out exactly what they want and how it will all come together.
    golden said:

    so do I assume I have to do 4 quarterly statements to HMRC for both property income as well as my self employment and what software would be compatable with doing both even if I have to have 2 accounts with them?

    Yes, you will need to do two submmisions every quarter, plus an End-of-Year update which replaces the current SA Tax Reuturn (which will, or so they say, pre-populate from the data you have previously submmited, to which you will then add any other income you might have).

Privacy Policy