The 10-minute MTD prep checklist

Get your records straight

• Gather 12 months of income records: rent received (per property) and/or invoices and takings.
• Pull together allowable expenses: repairs, agent fees, insurance and mortgage interest for property; materials, mileage, software and subscriptions for a trade.
• Find last year’s Self Assessment return. It’s what HMRC uses to test your qualifying income.
• Note your qualifying income: your share of gross rents + any self-employment turnover, before expenses.

Sort your bank hygiene

• Use a separate account (or clearly separable transactions) for business and rental money.
• Check whether your business bank unlocks free software (NatWest/RBS/Mettle → FreeAgent; Tide/Monzo/Starling bundles).
• Turn on bank feeds where your chosen tool supports them. It saves the most time each quarter.

Document your ownership split

Only if you co-own a property. Skip this if you’re self-employed only.

• Confirm the ownership share for each co-owner (50/50 by default for spouses/civil partners).
• If the split is unequal, check whether a Form 17 election is needed, and that real ownership matches it.
• Keep written evidence of the agreed split with your records.
• Remember: each co-owner keeps their own digital records and files separately.

Choose your software

• Match a tool to your situation using the picker (property, self-employment or both? jointly owned? accountant? spreadsheet?).
• If you have both rental and self-employment income, prefer one tool that files both.
• If you keep a spreadsheet you like, look at bridging software rather than switching.
• If an accountant files for you, ask which software they support and about agent access.
• Set calendar reminders for the quarterly deadlines: 7 Aug, 7 Nov, 7 Feb, 7 May.