ERPNext: Making Tax Digital for Income Tax Feature
ERPNext: Making Tax Digital for Income Tax Feature

ERPNext Features Item Code: Feature-UKIncome

UOM : Nos
One of our roadmap features will allow self-assessment returns to be submitted to HMRC directly from the Chart of Accounts in ERPNext. MTD is expected to replace the current Government Gateway process in 2021. The module will be available to our hosted customers.

Submit your self-assessment

Submit your income and expenditure for self-employments, property, dividends, interest and charities that you have recorded in ERPNext

Request an Income Tax & National Insurance Calculation

Once your figures are submitted, find out how much the taxman says you owe him

View your SA account & history

See all your previous returns, income tax balance and payments

Previous year Losses, Claims & Adjustments

The full HMRC interface available at the touch of a button

Description

The UK has introduced a new initiative for digital tax submissions named Making Tax Digital (MTD). Next on HMRC's list following on from VAT will be Income Tax.

Around 2021 it is expected that the current Self-Assessment tax return will be replaced with a Making Tax Digital interface like for VAT. The new Income Tax (actually for self-assessment) interface will be large and complicated, unlike the VAT interface which is relatively straight-forward by comparison. Here's a brief overview:

  • View and submit your self-assessment income and expenditure to HMRC:
    • Self-employments (sole traders)
    • UK property & holiday lettings
    • Dividends
    • Savings interest
    • Charitable giving
    • Final submission
  • View your income tax account including balance, transactions, charges & payments
  • View and submit your brought-forward losses and claim against them
  • Trigger and view Income Tax and National Insurance calculations based on submitted data
  • View income and expenditure summaries for specific tax years
  • View and submit adjustments to previous year assessments

Income for employed individuals is submitted by your employers through PAYE using the separate RTI interface, another of our planned projects!

For more information see our github design

Further details can be found in our Terms & Conditions