Making Tax Digital for Income Tax (MTD for IT) is the latest step in HMRC’s move to digitise the UK tax system. If you are an individual or sole trader with an annual income over £50,000, you are now required to keep digital records and submit quarterly updates for your Trading, UK Property, and Foreign Property income.
Note: Partnerships and Limited Companies are not within the scope of MTD for Income Tax.
Some exemptions apply (such as for those using profit averaging); we recommend consulting your accountant to confirm your filing status.
Managing Your Submissions
Our platform is designed to handle your quarterly obligations seamlessly. To ensure your data flows correctly to HMRC, please keep the following rules in mind:
One Individual per Company: Each TELUS Farm Accounting company can only support the MTD submissions for one individual.
Multiple Return Types: Within that single company file, you can submit Trading, UK Property, and Foreign Property returns for that individual.
No Cross-Company Aggregation: All data for a specific return type (e.g., your Trading return) must be held within one company file. You cannot combine figures from multiple TELUS companies into a single submission.
Quarterly Focus: TELUS Farm Accounting supports your four quarterly returns. You will still need your accountant or alternative software to complete the Final Declaration (Year-End submission).
Submissions are cumulative throughout the year: Submitting Quarter 1 will submit all of quarter 1's data. Your quarter 2 submission will include all data entry from Q1 & Q2 etc.
Correcting information within a submission: It is possible to re-send a quarter if a correction to data has been made, or you can wait until your next quarterly submission where it will automatically pick up the correction.
Setup & Onboarding FAQs
Do I need to set up my company before April? No. You can continue with your standard data entry. However, the setup within TELUS Farm Accounting must be completed before you attempt to file your first quarterly return.
Can my accountant help? Absolutely. We recommend adding your accountant or advisor as a user to your company, via Company Settings. They can ensure your categories are mapped correctly for HMRC compliance.
How do I handle shared income (e.g., Jointly Owned Property)? If you share income sources that must be included in your individual quarterly submission, you will need to record your specific portion in your individual accounts.
If you currently record the combined total of a shared property, you may need to use manual bank transactions or adjustments (monthly or quarterly) to adjust the figures to reflect only your share.
Consult your advisor or our support team to determine the most efficient way to log these adjustments based on your current record-keeping.