Making Tax Digital is here
Making Tax Digital for Income Tax is changing the way you report your self-employment income.
I'm here to help you with that change
What is "Making Tax Digital"
MTD has been introduced by HMRC to help you and your business get your tax right with digitisation.
No more spreadsheets and paper records, leave those behind and move to more convenient software systems.
Currently, MTD is all about VAT submissions, but in the coming months and years, Income Tax and Corporation tax will move over to MTD.
MTD for IT is here
From 6th April 2026, individuals with combined annual turnover from self-employment and/or gross property rental income exceeding £50,000 will need to comply. The limit will be tested based on their 2024/25 Self Assessment tax return. It is important to note that these figures are gross income, before any deductions of expenses.
From 6th April 2027, this threshold reduces to £30,000 and whether the limit is exceeded will be tested based on the 2025/26 return.
From 6th April 2028, this threshold reduces further to £20,000 and whether the limit is exceeded will be tested based on the 2026/27 return.
BookSmart Accountancy Solutions is here to help
Thankfully, I am here to help advise you with your transition to MTD. I have everything you need to become MTD compliant, with minimal disruption to your business. Whether that's planning for the switch-over, upgrading your software or providing training, I'll offer you peace of mind.
I've teamed up with Quickbooks & Xero
Both fully HMRC recognised and compliant accounts packages will not only save you time they will benefit your business from day one.
Read some answers to common questions on my guide page or Contact me for more information and guidance.
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