Making Tax Digital (MTD) is no longer a future concept. For many self-employed individuals and landlords, it is now a present reality. As we move closer to the first quarterly submission deadline, the focus has shifted from awareness to action. At Watson Knipe, the approach has been simple: don’t wait for change to happen, get ahead of it.
As the financial year draws to a close, it’s a good time for self-employed businesses to take stock and position themselves strongly for the year ahead. A planned approach at this stage could create a meaningful difference to both your tax position and your overall financial understanding.
From April 2026, HMRC will start rolling out Making Tax Digital (MTD) for Income Tax. Landlords with income above £50,000 will be required to keep digital records and file quarterly updates, with those earning over £30,000 joining in 2027. This shift is mandatory, so it makes sense to prepare early.
From 6 April 2026, the way landlords report their income to HMRC is set to undergo significant changes. The UK Government's Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) initiative will require many landlords to switch from filing annual tax returns to submitting quarterly digital returns.
From April 2026, all unincorporated businesses and landlords with income over £50,000 must comply with Making Tax Digital for Income Tax (MTD ITSA). This follows the MTD rules already in place for VAT. The move to digital reporting is not optional, and choosing the right software now will make the transition smoother and more efficient.
The MTD regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC.
On 19 December 2022, the UK Government announced that the first phase of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now be mandated starting from April 2026, rather than from April 2024.
If you are a VAT-registered business, then you will know that by law, you must now sign up for Making Tax Digital (MTD) and use MTD-compatible software to keep your VAT records and file your VAT returns.
This article gives an update on Making Tax Digital, Corporation Tax Rates and Capital Allowances. There is also an update on The Residential Property Developer Tax which was introduced in April 2022.
This article gives an update following the Autumn Budget 2021 on Making Tax Digital (MTD) that businesses need to be aware of in preparation for 2022. The MTD regime is based on businesses being required to maintain their accounting records in a specified digital format and submit extracts from those records regularly to HMRC.
Many of you will have heard about the Government's plans for Making Tax Digital (MTD). We have written this article to explain what this will mean for landlords and property investors.
In 2015, the government first announced that it would be making tax digital for businesses. In the Spring Budget 2017, more information about this initiative was shared. We have written this article to explain who will be affected and some of the benefits of this change.
HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system.
As you know the HMRC initiative for Making Tax Digital is underway and we at Adcock Accounting are keeping up to date with any news we can share with you.
Time marches on and the start date of 1 April 2019 for MTD approaches. This update bulletin hopefully will bring you up to date as to the implementation and give some guidance as to the next steps.
Many businesses are still trying to understand what Making Tax Digital (MTD) will mean for them. This article explains in more detail the records that you must keep to become compliant with MTD. The main driver for MTD is to reduce mistakes when information is submitted to the HMRC. By using digital means for transmitting data the errors should be reduced significantly.
It's been a while since we have written an update about Making Tax Digital, however, there has been some recent news which we wanted to share with you.
Good cash flow is essential for businesses to function effectively and helps with growth. We always support our clients to understand the importance of maintaining good cash flow, and we wanted to share some of our top tips in this article.
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When you first start a business, your focus is usually on attracting customers, generating sales and building a successful company. Few business owners spend much time thinking about how or when they will eventually leave the business.
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