Latest Making Tax Digital for Income Tax

We recently visited the offices of Taylor Rose to co-host the 2025 Post-Budget Forum at their Peterborough office on 3 December 2025, overlooking the fabulous Ferry Meadows country park.   At the event Nicholas Johnson, Partner at Taylor Rose and I led the discussions with those in attendance from the local business community, professional advisors…

This year’s Budget included some big tax headlines, but there were also a few quieter changes that matter if you’re getting ready for Making Tax Digital (MTD) for Income Tax. Here’s a quick, no-jargon update on what’s changed and what it means for you.   1 – No Penalties for Late Quarterly Updates in 2026/27…

From April 2026, Making Tax Digital for Income Tax (MTD for IT) becomes mandatory for self-employed individuals and landlords earning over £50,000 in qualifying income. If you fall into this category, start preparing now, digital record-keeping and quarterly submissions are on the way.   What is Qualifying Income? Qualifying income is the gross income you…

If you have filed your 2024/25 tax return ahead of 31 August 2025, HMRC are now starting to send out the first batch of letters to those who need to comply with MTD from April 2026 based on what was entered on there tax return. If you have received a letter and are still unsure…

Making Tax Digital for Income Tax comes into effect from 26/27 for sole traders and landlords with qualifying income of £50,000 or greater. The table below shows how the threshold will lower in subsequent years: Tax Year MTD for IT Income Threshold 26/27 £50,000 27/28 £30,000 28/29 £20,000   Sole traders and landlords subject to…

On Tuesday 7th October 2025, I attended the 2025 Xero UK Roadshow for accountants and bookkeepers of small businesses, which was held at Tobacco Docks, London.   The day started with time to network with other accountants and bookkeepers in attendance and a chance to look around the exhibition and speak to different app partners…

On Thursday 25th September 2025, Dan Walker (St Neots) and I (Ely) attended the Making Tax Digital for Income Tax event for Strategic Partners. The event was held at the Xero office in Milton Keynes.   HMRC were in attendance and provided an update on their readiness and the bumps in the road we have…

HMRC are beginning the process of phasing in taxpayers who are self-employed or with income from property over a number of years, so you may be wondering ‘When Will It Affect Me?’.   The limits will be calculated from your latest Self Assessment Tax Return so the current tax year ending 5th April 2025! If…

Are You Ready For The New Way To Do Tax Returns? If you earn an income from a sole trade business or from property, the way in which you complete your tax return is changing. From 6th April 2026 anybody with a total combined income exceeding £50,000 from these two income sources will be mandated…

There is a vast array of options available to business owners when choosing accounting software. Choosing the right software for you and the business is an important decision, how well you work with and understand your chosen software can make bookkeeping a chore or a simple task.   What should you be looking for when…