Making Tax Digital · Sole Traders & Landlords
If you earn over £50,000 from self-employment or property, Making Tax Digital already applies to you. MTDPrep gets you compliant — without the cost or complexity of full accounting software.
The problem
Since April 2026, sole traders and landlords with income over £50,000 have been required to keep digital records and submit quarterly updates to HMRC. The threshold drops to £30,000 in April 2027, and £20,000 by April 2028 — meaning around 2.25 million self-employed people and landlords will be affected in the next two years.
The big accounting packages will happily sell you a subscription to handle this. But if you've been managing perfectly well with a spreadsheet, paying £30+ a month for software you'll spend weeks learning can feel like a sledgehammer for a small nail.
It's built for people who know their business, just not accounting software — and who don't see why they should have to learn it.
How it works
Download your HSBC bank statement as a PDF — no reformatting or conversion needed. MTDPrep reads it directly. Support for Lloyds, Barclays, and NatWest is coming soon.
MTDPrep reads each line and maps it to the correct HMRC expense category — office costs, travel, professional fees, and so on. You can review and adjust anything before downloading.
You get a clean spreadsheet formatted for 123 Sheets, Absolute Excel, VT / VitalTax, or whichever MTD bridging tool you already use. In fact, 123 Sheets — one of the most popular MTD bridging tools — recommends users find a way to convert their bank statements first. MTDPrep is built exactly for that. No copy-pasting, no reformatting.
Coming soon
MTDPrep is in development now. Register your interest and we'll give you three months free when we launch — plus first access before the public waitlist opens.