If you are self-employed, Self Assessment as you know it is changing. Here is what MTD for Income Tax means for sole traders, how the final declaration replaces your annual return, and the simplest way to stay on the right side of HMRC.
The part that worries most sole traders is what happens to the tax return. In short, it moves online and spreads across the year.
Want the exact dates? See MTD deadlines & timeline.
Log income and expenses as you go, in recognised software instead of a shoebox or spreadsheet.
Four times a year, review the totals and submit a quarterly update. Usually a few minutes.
Finalise your figures in a final declaration. Clear Books pulls the year together for you.
| Paper | Spreadsheets | Clear Books | |
|---|---|---|---|
| HMRC recognised for MTD | ✕ | ✕ | ✓ |
| Quarterly updates in minutes | ✕ | ✕ | ✓ |
| Final declaration support | ✕ | ✕ | ✓ |
| CIS support for subcontractors | ✕ | ✕ | ✓ |
| Free plan available | ✕ | ✕ | ✓ |
Working in a specific trade? See MTD for Income Tax by trade, with guides for construction, drivers, health and beauty.
Keep digital records, file quarterly updates and submit your final declaration, all in one place. Free for sole traders, with no filing paywall.
Sign up, add your income and expenses, send your first quarterly update. That is it, kettle on.
