After the fourth quarterly update has been submitted, the year-end finalisation process can be completed.
- Complete the tax and accounting adjustments on each MTD business and submit these to HMRC
- Bring together all sources of income (MTD and non-MTD income) that will be submitted to HMRC in place of the current Self-Assessment tax return. The deadline for this submission will be 31 January following the tax year.
Submitting a final declaration will be part of the new MTD for IT rules, which come into effect for self-employed people and landlords earning above £50,000 in April 2026 and those earning more than £30,000 in 2027.
There is no specific information you need to include in the final declaration itself, as it is simply a declaration statement to ‘accept’ your final tax position for the year, which is calculated by HMRC.
If we currently complete your self-assessment tax return, the final declaration will be completed by us, ensuring that you both comply with HMRC’s rules and continue to be as tax efficient as possible.