The final declaration is the year-end step in Making Tax Digital for Income Tax where you confirm that the information HMRC holds for the tax year is complete and correct. HMRC guidance now calls this submitting your tax return. You do it from your software, and it is due by 31 January.
What it is
Under Making Tax Digital for Income Tax, the four quarterly updates only cover business and property income. The final declaration brings the whole year together. HMRC guidance now calls this step submitting your tax return. It is your tax return for the year, completed and submitted in your Making Tax Digital software.
What happens before it
- Make any accounting and tax adjustments to your business figures, such as capital allowances and private use.
- Add your other income for the year, such as employment, savings and dividends.
- Claim any reliefs and allowances.
- Review the tax calculation HMRC produces from the figures.
You then declare that the information is correct and complete, and HMRC finalises the tax due.
Deadline
The final declaration is due by 31 January after the end of the tax year, the same date the tax has to be paid.
Read more: Making your final declaration, Annual adjustments and Your tax calculation.
