20/02/2025
DO YOU SUBMIT YOUR OWN TAX RETURN? DO YOU WORK IN THE CONSTRUCTION INDUSTRY? DO YOU HAVE AN ACCOUNTANT? HMRC HAVE MADE BIG CHANGES YOU NEED TO BE AWARE OF! MAKING TAX DIGITAL FOR INCOME TAX IS COMING!
Do you currently submit your own tax return? Do you log in and submit via the government gateway account? Do you have a bag of receipts that you sieve through each year?! Perhaps your partner submits for you once a year?
Do you use a personal bank account for business income and expenses? This needs to change, all income and expenses need to go through one account, if you don’t have an account you can use to do this then you need to set one up.
HMRC are introducing MTD for ITSA (income tax self assessment) and you are going to need to start submitting via software EVERY 3 MONTHS.
If your income is above £50,000 you will need to be doing this from April 2026. With the first submission due 7th August 2026 and quarterly thereafter.
If your income is above £30,000 you will need to be complying from April 2027.
THIS AFFECTS ALL BUSINESSES IN ALL INDUSTRIES
With 18 years experience in the industry, ACCA qualified, full uk practising certificate and insurance I can help! I’ve worked alongside construction workers my entire career and this is the biggest change you are facing!
Steps need to be taken NOW to be ready for the changes next year.
Get in touch if you need help or advice, follow my page for updates regarding this and other useful tips and advice.
Taking on new clients so please get in touch so I can help you with no obligation conversations available.
Suzi