What is Making Tax Digital?

In a nutshell...

Making Tax Digital (MTD) is the government’s initiative to implement a fully digital tax system in the UK, where taxpayers keep digital records and use MTD-compatible software or ‘bridges’ to make tax submissions electronically.

The tax calendar will change with a new requirement to submit quarterly income/expense updates directly to HMRC, with a final Annual Declaration sent electronically, replacing the current annual Self Assessment Tax Return.

MTD for ITSA is currently due to commence from April 2024.
All MalgraBooks packages will be compliant for this service.

Penalty Points and Charges will apply if your submissions are late. Don’t get caught out!

Three simple steps...

Currently, only annual figures are required to HMRC – but a new quarterly step will be added as well.

That means there will be 4 mini-returns sent through the year, with details of your income and expenses for each quarter. There’s then a ‘End of Period Statement’ (EOPS) for each source of income. For example, if you have employment and self-employment, you’ll have two of these to complete.

The good news is that our systems are ready to react to these new changes. There’s three simple steps you need to follow to remain compliant (and avoid penalties!)

Cloud Accounts System

Create and develop your own business accounts within our Cloud System. Access your records anytime, anywhere – and keep up to date with your record keeping. Our system will automatically prompt you to keep up to date

Check and confirm Quarterly Figures

After entering your relevant data, it’s just a few clicks and our system will generate the relevant quarterly figures for you. Once you’re happy, and after some quick checks they’re sent to HMRC electronically

Annual Declaration

Once the end of the year is here, you’ll prepare the final figures after all four quarterly returns have been done – and ensure any final amends are made. Finally, our system will then submit your annual End of Period Statement (Tax Return) direct to HMRC

Why Choose MalgraBooks?

We’ve been supporting Self-Employed Slimming World Consultants since 2013, to ensure their records are kept ready for their annual tax return.

If you’re not currently a member with us, it’s very likely your colleagues are – just ask them how they complete their accounts!

Industry Knowledge

Designed and run by ex-consultants, we’ve a unique knowledge of how your self employed business runs – from PFS Documents to Food Diaries (Although we can’t help with the latter!)

Great Support

We’re known for our friendly and helpful team – ask any question in our dedicated Facebook group, or even with our team via Live Chat

No Jargon

We try and avoid as much jargon as we can – and if you’re new to Self Employment, you can even take a short crash-course in the basics to help you get up to speed!

Consultant Reviews

Jenny

Excellent service. Patient and fast response to queries. Clear and concise advice. I would highly recommend.

Alex

I cannot praise Malgra enough! As a slimming World Consultant who has always struggled with my tax return all the support, guides and spreadsheets have been invaluable and I am now 100% confident in completing my return and am now up to date each month! The team are always on hand to help when needed too.

Amie

Amazing! I didn’t know self assessment could be so simple! Which I’d known about Malgra a long time ago…could have saved a few pennies too! Thank you

Vicky

Fantastic company and nothing is to much for Steve and the team.

Highly recommended.

Sarah

Excellent service from the guys! I always found my tax return so stressful! These guys have made it so simple and they’re extremely efficient. Easy to communicate with throughout and always on hand to answer the millions of questions I have!

Rachel

Great service – the team are really helpful at providing general advice as well as specific help with your own situation. Makes tax returns much less daunting and easy to manage. Quick response times and good value for money. Would highly recommend!

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