26/03/2026
Making Tax Digital
If you're a sole trader or landlord earning over £50,000, Making Tax digital starts in April. So what do you need to do if you haven't already?
- ideally use compatible business software, and use it to keep digital income/expense records. Good examples of this include Quik Books, FreeAgent and Xero.
- you are now required to complete 4 quarterly submissions - the first of which is due 7th August - the middle of summer may sound a long time away, but it will be here before you know it.
- keeping your records updated regularly will make quarterly submissions more straight forward.
- you will need separate digital records for each income source.
- you still need to complete an annual declaration within usual self-assessment timelines - i.e. by 31st Jan 2027
This will bring benefits to some businesses, bringing business owners closer to their financial situation, allowing them to make better-informed decisions.
If you need any help or support, do something about it now, before the pressure of the deadline arrives. Feel free to get in touch for a no obligation discussion about how I can help you.