Accountancy Services for Businesses, Sole Traders, Start Ups, Performers, Artists & Alternative Therapists
(01455) 619992

Making Tax Digital will it affect me ?

Sasha Owen
Tax

HMRC are introducing MTD (Making Tax Digital).

What this means is that if you fall within the categories below you will have to keep your accounting records digitally on HMRC compliant  software and file quarterly returns to HMRC from your software.

So if you are self-employed or a landlord you will have to comply with MTD from:

6 April 2026 if you have an annual business or property income( sales) of more than £50,000

April 2027 if you have an annual business or property income ( sales) of more than £30,000

There is no guidance on how this will be measured but it would be fair to assume at this stage it will be based on the tax return for 2024/25 to 5 April 2025

We will be able to carry out this work for you using our new software and we will keep you up to date with any future changes as the deadlines and limits have already changed several times

income tax, Making Tax Digital, tax for self employed

Share This Post

Disclaimer

All content and information on this website is for information purposes only, and it does not constitute accounting advice and does not establish any kind of accounting-client relationship by your use of this website. An accounting-client relationship with you is only formed after we have expressly entered into a written agreement with you that you have signed including our fee structure and other terms to represent you in a specific matter. Although we strive to provide accurate general information, the information presented here is not a substitute for any kind of professional advice, and you should not rely solely on this information. Always consult a professional in the area for your particular needs and circumstances prior to making any professional, legal, accounting and financial or tax related decisions.

Red Tulips Chartered Accountants do not take any responsibility for links used within this website for external internet sites. We will not accept any responsibility for any information contained on those external sites or viruses arising from any link to a third party website. 

Sasha Owen
Sasha Owen BSc FCA qualified as a Chartered Accountant in 1983 and has been in practice as an accountant since 1987. If you think Sasha has the conventional image of an accountant then you couldn’t be further from reality. Sasha is a Reiki Master, loves the arts, music and theatre; having been on stage herself and worked backstage she really does have a deep understanding and love for the arts and alternative therapy world.

Related Posts

Why choose a Chartered Accountant ?

person
Sasha Owen
5 Reasons to use a Chartered Accountant Before choosing your accountant Unless a member of the ICAEW ( Institute of Chartered Accountants) or qualified with another professional body, anyone can call themselves an accountant, even if they have no professional…
READ MORE

Expenses You Can Claim

person
Sasha Owen
Expenses You Can Claim Work Clothes Clothes for work are a very grey area but here we give you some very useful tips. HMRC argue that of the clothes that can be worn day to day have a “duality of…
READ MORE
keyboard_arrow_up