Making Tax Digital for Income Tax Self‑Assessment involves a significant shift for landlords and sole traders, but understanding the typical mistakes early can make the digital transition much smoother. To help, we’ve outlined some of the common issues our clients have been facing, and how to overcome them. 1. Waiting too long to get started Switching to MTD isn’t instant; choosing software, setting it up,...
Making Tax Digital for Income Tax Self‑Assessment will come into effect from April 2026. If you’re a sole trader or landlord who had income above £50,000 during the 2024–25 tax year, this will include you. We have broken down exactly what you will need to record in order to remain Making Tax Digital compliant. What you will need to digitally record MTD means you’ll need to keep digital records...
Making Tax Digital (MTD) is HMRC’s move toward a fully digital tax system, including the introduction of quarterly updates to be submitted through approved software like Xero. From April 2026, MTD for Income Tax Self-Assessment will apply to anyone earning over £50,000 from self‑employment or property income. To help you get started, we’ve answered some of the most common MTD questions below: Q: Will any bank account work with...
Chancellor Rachel Reeves delivered the Spring Statement this afternoon, offering an updated snapshot of the UK’s economic position. Her message centred on stability, noting improvements in inflation, borrowing and living standards despite global uncertainty. The Office for Budget Responsibility (OBR) also released new forecasts alongside the Statement, outlining how the economy is expected to...
HMRC has revealed that around a million people didn’t file their Self-Assessment tax return by the 31 January 2026 deadline. If you’re one of them, don’t panic: you’re definitely not alone, and there are steps you can take now to get back on track. This year, more than 11.4 million people did file on...
When it comes to preparing for the new tax year, acting early affords you the time to make thoughtful decisions around planning for your business or personal affairs.
Making Tax Digital (MTD) is transforming how tax is managed, aiming to provide smoother records, saved time, and clearer insights for both the taxpayer and HMRC. This step-by-step guide shows you the key steps to get MTD ready and stay compliant. A simple guide to Making Tax Digital Step 1: Know whether MTD applies to you For the upcoming 2026/27 tax year, MTD for...
Staying on top of tax rules and financial obligations is crucial, and missing key dates and deadlines can lead to avoidable stress, fees or extra admin. To make things easier, here are the key dates that you need to know about: What’s next: dates to prepare for As these key dates approach, taking a little time now to get organised can make all...
The UK is moving firmly into the digital era of tax reporting as HMRC continues to roll out its Making Tax Digital (MTD) scheme. VAT has already made the switch, and the next big step- MTD for Income Tax Self‑Assessment (ITSA)- is set to affect millions of self‑employed people and landlords. With changes starting as early...
The Chancellor has delivered her second Budget under the Labour Government, unveiling a package of measures aimed at easing the cost of living, strengthening public services and stabilising public finances. While businesses will see some welcome support, many individuals and property owners face new taxes or tightened reliefs. Key changes announce include: Personal Tax,...
