Self Assessment
From this page we can produce the figures for income and tax-deductible expenses for a chosen period. We enter the start date followed by the end date and then click the “update” button. The list will only contain the records which fall into this date period, and only where the expense is tax deductible.
The system will present the figures on screen; we also have the option to download a copy in CSV format if we wish, by clicking the blue button with the download arrow. The download will only contain tax deductible entries.
Making Tax Digital MTD integration for HMRC
Making Tax Digital is a new feature due to be released late 2026 to early 2027, it allows us to meet the requirements of MTD for HMRC. This feature helps us provide HMRC with interim reports on our tax position throughout the year. For more information on MTD please refer to the gov.uk website and search ‘MTD’.
As sole traders we will most likely need to use a Making Tax Digital solution in the coming years to:
• Create, store and correct digital records of our self-employment and property income and expenses.
• Send quarterly updates to HMRC.
• Submit our tax return by 31 January the following year.
The good news is that Psycounts will enable us to do all of this within the software package itself, so no need for third party tools. There will be more information on this at a later date. This change will be included in your subscription; there’s no additional expense for this.