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Making Tax Digital for Income Tax : Video Guides

Watch our video guides for an introduction to Making Tax Digital for freelancers and practical support to help you get ready – featuring MU tax consultant Sinead Pratschke

Making Tax Digital for Income Tax (MTD for IT, or MTDfIT) is the biggest shake up of the UK tax system since the 1980s.

The content on this page is for information only and does not constitute financial advice. Please speak to a financial advisor or tax consultant for advice on your specific circumstances. MU members have access to a dedicated tax helpline with Musicians' Tax Advisor as a benefit of membership.

The new rules will affect a huge proportion of the musician population - and fundamentally change the way you interact with HMRC. This is because so many musicians trade as self-employed individuals.  

Watch the videos below for an introduction to the changes and practical support to help you get ready – including digital record requirements for self-employed musicians.  

The Making Tax Digital for Income Tax Videos Cover:

  • Why MTD is happening and when it’s likely to affect members
  • What members’ need to be aware of to meet the new HMRC rules
  • How to implement these big changes into your business as easily as possible.

 

Introduction to MTDfIT for freelancers 

This video is all about the basics of Making Tax Digital for freelancers, looking at:   

  • Why it’s happening  
  • When it is likely to affect you  
  • What the new requirements are. 
Making Tax Digital for Income Tax: what it means for musicians and music teachers
Making Tax Digital for Income Tax: what it means for musicians and music teachers

What does Making Tax Digital mean 

This video dives into more of the detail around MTD for IT for freelancers, looking at:  

  • What does the “digital” in “Making Tax Digital” actually mean?   
  • Could you be exempt from MTDfIT?  
  • Digital record requirements for self-employed and freelance musicians, including: 
    • What should you be thinking about if you invest in software  
    • Can you still use spreadsheets for your records.  

View HMRC guidance on choosing the right software

What does Making Tax Digital for Income Tax mean for freelancers
What does Making Tax Digital for Income Tax mean for freelancers

Getting ready for MTD for IT 

This video is filled with practical tips and guidance to help you get ready, looking at:  

  • What changes you should make to your banking to streamline your accounting 
  • When you ought to register for Making Tax Digital for Income Tax 
  • What to be aware of when making software choices 
  • Where to find additional support and resources for MTDfIT for freelancers.  
9 tips on how to get ready for Making Tax Digital for freelancers
9 tips on how to get ready for Making Tax Digital for freelancers