23/06/2026
⚠️ MAKING TAX DIGITAL IS HERE ⚠️
WHO IS AFFECTED?
Self-employed individuals and landlords with combined gross income above £50,000 may soon be required to comply with Making Tax Digital.
⚠️ The £50,000 threshold is based on gross income, not profit.
⚠️ Self-employed income and rental income may be combined when determining whether the rules apply.
WHAT IS CHANGING?
For many taxpayers, one annual Self Assessment tax return will no longer be the only reporting requirement.
Affected taxpayers may need to:
🟡 Maintain digital records
🟡 Submit quarterly updates to HMRC
🟡 Complete a final year-end declaration
WHY ARE PEOPLE PREPARING NOW?
The first reporting deadline is approaching on 7 August 2026.
As a result, many taxpayers have already started organising their records and choosing a professional accountant to help them prepare.
Waiting until the last minute can lead to unnecessary stress, missing information and a greater risk of errors.
WHAT HAPPENS IF RECORDS ARE NOT KEPT PROPERLY?
❌ Missed deadlines
❌ Potential penalties
❌ Additional complications
Good bookkeeping and accurate records will become more important than ever.
DO I NEED ACCOUNTING SOFTWARE?
Accounting software can be a useful bookkeeping tool, particularly for more complex businesses.
However, software does not automatically identify every allowable expense, potential tax-saving opportunity or issue within your records.
✅ Professional review and support can add significant value.
IS EXCEL STILL ALLOWED?
Yes.
Microsoft Excel and similar spreadsheets are still considered a form of digital record keeping.
The key requirement is that records are maintained digitally, accurately and consistently.
⚠️ However, taxpayers using spreadsheets may still require MTD-compatible software or bridging software to submit information to HMRC.
WHY DO MANY PEOPLE USE AN ACCOUNTANT?
✅ You send the records.
✅ We do the hard work.
✅ Professional review of your bookkeeping and records.
✅ Identification of allowable expenses.
✅ Compliance support and reduced risk of costly mistakes.
Wise business owners view professional fees not simply as an allowable expense, but as an investment in accuracy, compliance, time savings and peace of mind.
The benefits of avoiding errors, meeting deadlines and receiving ongoing support can often significantly outweigh the cost of the service.
📞 CONTACT US TODAY FOR A FREE INITIAL CONSULTATION
AccuSolutions Accountants and Tax LLP
⭐⭐⭐⭐⭐ Trusted by Clients – 5-Star Rated on Google
📞 0800 002 5952
📧 [email protected]
🌐 www.accusolutionsaccountants.co.uk