If you currently track your income and expenses in Microsoft Excel, you do not necessarily need to abandon your spreadsheet because of Making Tax Digital (MTD). HMRC allows you to keep using spreadsheets, but you must use compatible software to send your information to HMRC.<\/p>\n\n\n\n
This is where bridging software comes in. It connects your Excel spreadsheet to HMRC\u2019s systems and transfers your figures digitally, allowing you to submit the required quarterly updates. The transfer must use a digital link rather than requiring you to manually re-enter the figures.<\/p>\n\n\n\n
Another option is to switch to dedicated accounting software that lets you record income and expenses, send quarterly updates and submit your tax return in one place. Both free and paid options are available, so you do not necessarily need to pay for an expensive package.<\/p>\n\n\n\n
You can keep Excel, but a spreadsheet alone is not enough to meet MTD requirements. Before buying new software, check whether your current setup is compatible with HMRC and whether bridging software can connect it to the system.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
If you currently track your income and expenses in Microsoft Excel, you do not necessarily need to abandon your spreadsheet because of Making Tax Digital (MTD). HMRC allows you to keep using spreadsheets, but you must use compatible software to send your information to HMRC. This is where bridging software comes in. It connects your…
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