How Accounted Handles MTD Automatically

MTD does not have to mean more work. Accounted is designed from the ground up to handle MTD compliance automatically, so you can focus on your business instead of your tax obligations. Here is how it works.

Automatic Bank Feeds

When you connect your business bank account through Open Banking, Accounted imports every transaction automatically — typically within 24 hours. There is no manual data entry, no risk of forgetting a transaction, and no need to reconcile against your bank statement.

We support over 40 UK banks and building societies, including all the major high street names and popular digital banks like Monzo and Starling.

AI-Powered Categorisation

Penny, our AI bookkeeper, categorises every imported transaction automatically. She analyses the merchant name, amount, and your historical patterns to assign the correct expense category.

Penny's categorisation accuracy exceeds 95%. For the small number of transactions she is uncertain about, she flags them for your review with an explanation of why she is unsure.

Over time, Penny learns your specific business patterns. If you buy supplies from the same merchant every week, she will categorise them correctly every time after you confirm the first one.

Receipt Capture via WhatsApp

Snap a photo of any receipt and send it to Penny via WhatsApp. She extracts the details using OCR, matches it to the correct bank transaction, and stores it as supporting evidence. No app to download, no scanning — just a quick photo from your phone.

This is especially useful for cash purchases that do not appear in your bank feed. Send the receipt to Penny and she creates the transaction for you.

Quarterly Submissions on Autopilot

When a quarter ends, Accounted automatically prepares your quarterly update. Penny reviews the figures, flags anything unusual, and presents you with a clear summary for approval.

Once you confirm the figures are correct, Accounted submits directly to HMRC through their API. You receive a confirmation with a reference number. The entire process takes under five minutes.

If you prefer even less involvement, you can enable auto-submission. Accounted will submit your quarterly update automatically after a review window, notifying you once it is done.

Real-Time Tax Estimates

At any point during the year, you can see your estimated Income Tax and National Insurance bill based on your year-to-date figures. This includes:

• Income Tax at the correct marginal rates (20%, 40%, 45%)
• Class 2 and Class 4 National Insurance
• Your personal allowance
• Payments on account

No more waiting until January to discover what you owe. With Accounted, you always know where you stand.

The Final Declaration

After the tax year ends, Accounted prepares your final declaration. This includes:

• Your confirmed full-year income and expenses
• Capital allowances
• Any loss adjustments
• Your calculated tax liability

You review, confirm, and submit — all within Accounted. It replaces your Self Assessment tax return entirely.

Accountant Access

If you work with an accountant, they can access your Accounted records through our accountant portal. They can review transactions, check quarterly summaries, and manage submissions — all without you needing to send files or share spreadsheets.

What You Actually Need to Do

With Accounted handling MTD:

• Weekly: Glance at your transactions and confirm any flagged items (5-10 minutes)
• Quarterly: Review and approve your quarterly summary (5 minutes)
• Annually: Review and submit your final declaration (15-30 minutes)

That is it. Accounted handles everything else.

Accounted handles your bookkeeping, tax estimates, and MTD submissions automatically. Start your free trial — no credit card required.