Advise re MTD

[simplyessential_uk]

I fall into the new MTD 2025-26 - Watched the HMRC Webinar and all good.  Im a small business proprietor so never used an accountant in 25yrs of being Self employed so please do reply with "speak to an accountant" I use a basic cash basis reporting

So Ive been using Pandle free version for a couple of years, prior to that used Excel.  I would summerise total Incomings Vs outgoings and declare profit - Simple.   Pandle arent sure if they are doing a free software for the MTD, but the pro version is only £5 and links to bank account transactions,  HMRC recommend several companies so Im just now info gathering. 

My Q is do I need a software that links to Ebay (and Amazon) to pull in all the buyer transactions? Do I need to even upload all the individual transactions or is the total from Ebay etc all they want under the new MTD?  therefore the Pandle Pro software is enough.  (I dont want to sign up for an account package then find this is quite an important feature of the quarterly reporting) Ive looked at Sage - they have a basic free but also the £7 per month version which again if that is adequate then great, any advice from anyone in the same position would be appreciated.

[therenewalworkshopltd]

You don't need software that links directly to Ebay, Amazon to pull in the transactions.

However, it makes your life a lot easier if you do.

I've been using MTD now for the last couple of years and have rarely had a problem with it.

But I have a completely automated system now, Xero/LMB's.  

From memory, there is some specific rules surrounding this, but it's not something I can remember offhand.

I'm pretty sure that it's covered on HMRC.

I know you have so don't say speak to an accountant, but though you may understand what your doing, they are the people that can guide you properly.  And though it may cost you a few pound initially to get yourself properly setup, it will mean that you should get everything right first time.  Something that I would prefer myself, rather than having to go back if a mistake is made.

https://www.gov.uk/guidance/use-making-tax-digital-for-income-tax/create-digital-records

[simplyessential_uk]

As mentioned I've read all the HMRC online info and joined their webinar so I'm quite confident about what needs doing, just not sure if I need to upload all ebay/amazon transactions or a summary (as I've always used)  Good to know you have automated MTD without pulling through from the platforms. 

[postgenesis]

Yep, that's the question i have too. Is it all tevery ransaction that needs uploaded or just a summary say each week for the quarterly MTD filing.

Certainly for VAT it's just the summary sheet that needs filing every 3 months so i'm hoping Income Tax is similar 

[simplyessential_uk]

So if its summary only on  Quarterly VAT I would think ITSA should be the same 🤔  I just can't seem to find the answer and would ideally like to volunteer to enrol early to get into the swing without the stress of sortingbit out when its compulsory, but I need to tie it up with compatible software, to so that.   Pandle said they won't be ready until next April 2026 which is why I'm also trying to make sure I get the right accountancy software

On the 123 sheets demo it's showing every invoice transaction, which is why I suddenly panicked and wondered if it wanted all transactions from various platforms. The HMRC  webinar nor help pages give me an answer.

Hopefully someone whos volunteered and signed up early reads this post and can confirm 🤞🤞

[sheba-knows-best]

This is on my to-do list too. I am making an appointment to see my accountant next week to see if they know anything. Will feed back if I find out anything useful...

[padanpcparts]

Don't we have another year before this travesty hits?

[simplyessential_uk]

If youre over 50k turnover then you are compulsory from 2026 BUT as I learnt on the HMRC webinar you have to send your returns Quarterly (I didnt know this) and only have 1 month to get it in so 6th Apr - 6th July deadline to send is 6th Aug, if late you get a strike (cant remember how many strike = Fine but you get a few strikes but these are removed once returns are filed)  If you sign up voluntarily you arent "penalised" with strikes as its a learning period so I think it would be better to sign up before the deadline and understand how to do it or Im gonna be stressed that month trying to get to grips with what and how.    

I wasnt going to join the live HMRC webinar as kept getting an invite from them . I was lead to believe xls would be ok but decided to see - Worth a watch (its slow so I had it on in the background while working) then my ears pricked up with the knowledge of quarterly returns