Making Tax Digital (MTD)
We have prepared the information below to inform you on what you need to do to be prepared for Making Tax Digital (MTD). We also have solutions and advice for our clients to making the change as smooth as possible. If you would like more information after reading this article, please get in touch.
Making Tax Digital is HMRC’s plan to modernise the UK tax system. It means individuals and businesses will need to use MTD-compatible software to keep digital records and submit returns.
Your income will need to be reported every 3 months.
The tax year will remain 6th of April to the 5th of April.
Your tax will still be due by the 31st of January.
What are the deadlines?
Different businesses will have different deadlines.
Below are the deadlines for when you need to sign up for MTD.
These apply to sole-traders, partnerships and landlords.
Turnover above
£50,000
Your start date is the 6th of April 2026.
Turnover above
£30,000
Your start date is the 6th of April 2027.
VAT
Registered
Your start date was in April 2022. You should already be reporting with your VAT returns.
Limited Companies
HMRC hasn't confirmed a start date for corporation tax yet.
We will keep you informed.
What do you need to do?
To be ready for the scheme, you need to pick a software and change how your information is processed.
Accounting Software
We can provide a number of solutions with different providers to match your budget. We offer special discounts for a number of software providers.
Change your routine
The software packages should make this easy, with bank feeds and uploading receipts from your phone, submitting every 3 months will be a lot easier.
Speak to us
These changes have been coming since 2019 and we have the advice and guidance to make the transition as smooth as possible.
Stay up to date
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