What your accountant does each quarter under Making Tax Digital
MTD turns a once-a-year job into a quarterly rhythm. Here is how we split the work with clients, so the updates go in on time and the tax return holds no surprises.
With MTD, the work behind a tax return happens four times a year in small pieces. The advantage is that problems surface while they can still be fixed: a missing invoice in July, not a missing year in January.
A quarter, step by step
- Through the quarterYou photograph receipts and the bank feed brings in transactions.
- Week 1 afterWe review categories, query gaps and reconcile the bank.
- Week 2 afterWe send the quarterly update and share a tax estimate.
- Year endWe finalise adjustments and file your tax return.
What we look for
Private spending in business accounts, missing sales, duplicated receipts and capital items posted as expenses are the usual suspects. Catching them each quarter keeps the final figures clean, and means the estimate you see in October is one you can plan around.
What it gives you
The real gain is not the update itself but the conversation it makes possible. Four times a year you see how the business is doing and what tax is building up, early enough to act: to make a pension contribution, time a purchase, or set money aside.
This insight is general information, not advice for your circumstances. Talk to us before acting on it.