How to make quarterly MTD income & expenses updates using Bridging mode.

This video outlines the steps for submitting a quarterly income and expenses update for Making Tax Digital (MTD) to HMRC using Bridging mode with My Tax Digital. Visit us at: https://mytaxdigital.co.uk The process begins on the Self-Assessment homepage by selecting the tax year you signed up for quarterly updates. Next, click the "business income" tile, select an income source—the example uses "self-employment," noting that the process is the same for UK and foreign property—and choose "bridging mode" if you already have your figures in a spreadsheet. You then select your industry sector, confirm the accounting period, and click "submit". To submit an update, click on "Obligations" to review them. The obligations are cumulative, starting from the beginning of the tax year and ending at the quarter's end. An update supersedes all previous updates. Steps for uploading the spreadsheet: 1. Click the open obligation, which takes you to the update screen. 2. Set the end date to the date your figures are made up to, as the screen is initially preset with the start of the tax year and defaults the end date to the current date. 3. On the "Update Income and Expenses" screen, download the income and expenses template.. 4. Open the downloaded income and expenses template and add it as a new sheet to your existing accounting spreadsheet: https://mytaxdigital.co.uk/app/templa... https://mytaxdigital.co.uk/app/templa... https://mytaxdigital.co.uk/app/templa... 5. Link the income and expense cells in the template sheet to your figures by adding cell references to your existing sheet. 6. Save the completed spreadsheet to your computer. 7. Click "select file" in the file chooser, select the saved spreadsheet, and click the "upload" button. The figures will load from the first sheet, but you can choose an alternative sheet if necessary. 8. Review the imported figures against your original spreadsheet and click "submit". After submission, you can check that the update was successful by clicking on the "income and expenses" tile, where the last submission date and the displayed figures should be updated. You must make at least four updates, one after each quarter, to fulfill your obligations. Further My Tax Digital documentation can be found here: https://mytaxdigital.co.uk/docs/ MyTax Digital is a free UK tax portal that allows businesses, sole traders and landlords to meet HMRC's Making Tax Digital requirements for both VAT and Income Tax Self Assessment (ITSA). Since 2019, MyTax Digital has successfully supported tens of thousands of businesses in submitting billions in MTD VAT returns, however it now also supports Making Tax Digital for Income Tax Self Assessment, allowing UK sole traders and landlords to submit quarterly cumulative income and expenses, correct previously submitted figures, make annual adjustments, claim allowances and manage both brought forward losses and loss claims. MyTax Digital is truly free to use for both MTD for VAT and income tax compliance. There are no hidden charges, subscriptions, or fees for using the core features needed to submit your required returns to HMRC. Our commitment is to provide a free, secure, Making Tax Digital service while strictly adhering to UK tax law and GDPR data protection legislation. Visit us at: https://mytaxdigital.co.uk