What is an End of Period Statement (EOPS)?

We explore what the End of Period Statement (EOPS) was, why it was removed, and what you need to do to comply with MTD for IT rules.

What was the End of Period Statement?

If you’ve been following the MTD for IT legislation, you’ll know HMRC set out three separate parts: quarterly updates, an End of Period Statement, and a Final Declaration.

The EOPS was where you would finalise your business income for the period, make any final adjustments to your accounts, claim reliefs, and confirm the accuracy of your information.

Why was the End of Period Statement scrapped?

Following the 2023 Autumn Statement, the EOPS submission has been removed from MTD for IT criteria. The government acknowledged that many of the details covered in an EOPS were already captured by the Final Declaration – making it a duplication of efforts for taxpayers and their advisors.

Prepare for MTD for Income Tax Today

The earlier you prepare, the easier you’ll find the transition to Making Tax Digital. Speak to your accountant or bookkeeper about signing up for MTD for IT early. Even though the EOPS is no longer in place, MTD for IT is still coming.

Stay up to date with the latest on MTD for IT by regularly checking our MTD for Income Tax resource hub, where we cover everything you need to know about MTD for IT, from how Self Assessment Tax Returns are changing to how MTD for IT will impact landlords.