MTD vs Self Assessment: What's Changing
MTD does not change what tax you pay — it changes how you report. Here is a clear comparison.
What Is the Same
- Tax rates and bands are unchanged
- Allowable expenses remain the same
- Payment dates (31 January and 31 July) are unchanged
- The tax year still runs 6 April to 5 April
- You still need to keep records for 5+ years
What Is Different
| | Self Assessment | MTD | |--|----------------|-----| | Frequency | Once per year | 4 quarterly updates + final declaration | | Record keeping | Any format | Must be digital | | Submission method | HMRC website or paper | Compatible software via API | | Tax visibility | After year-end | Running estimate throughout year | | Deadline for return | 31 January | 31 January (final declaration) | | Quarterly deadlines | None | Aug, Nov, Feb, May |
The Practical Impact
The biggest day-to-day change is moving from annual to quarterly reporting. This means keeping records up to date throughout the year rather than doing everything in a January rush.
For sole traders who already keep good records, the transition is minimal. For those who rely on a once-a-year scramble, MTD requires new habits — but those habits lead to better financial management.
Accounted makes the transition seamless by automating record keeping and quarterly submissions.
Accounted handles your bookkeeping, tax estimates, and MTD submissions automatically. Start your free trial — no credit card required.
Tax & Compliance Specialists
Our tax specialists have decades of combined experience in UK sole trader and small business taxation, MTD compliance, and HMRC submissions. All content is reviewed against current HMRC guidance before publication and updated quarterly to reflect legislative changes.
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