Making Tax Digital for Income Tax in Barnsley

Making Tax Digital for Income Tax & Self Assessment (MTD ITSA)

Making Tax Digital (MTD) Doesn’t Have to Be a Nightmare (or Expensive). Some accountants use scare tactics when talking about MTD, warning of chaos and sky-high monthly software fees. We see it differently.

MTD isn’t something to fear; it’s simply an opportunity to ditch the shoebox of receipts, get your weekends back, and make running your business easier. We don’t force expensive, one-size-fits-all software on our clients. Instead, we work with you to find simple, cost-effective digital tools that fit your specific workflow. We’ll get you fully compliant for MTD without the stress, without the jargon, and without breaking the bank.

Here’s what is happening

Currently, business income and expenses for self employed individuals and rental income and expenses for landlords are submitted to HMRC through the annual Self Assessment tax return. As accountants, we also prepare a set of accounts that details this income and expenditure, providing a valuable summary of how the business or property portfolio has performed in the year.

If your self employed or rental income is over £50,000 for the year ended 5 April 2025, from April 2026, you must register with HMRC for MTD ITSA and submit details of your income and expenses in a digital format, quarterly. HMRC will not provide software for this and it cannot be entered through the current Personal Tax Account.

Furthermore, this new way of reporting is going to apply to individuals with business or rental income over £30,000 from April 2027 and £20,000 from April 2028.

We have the solutions to help individuals with these changes and will be working closely with all our existing clients to ensure that we have an offering that suits them, and in many cases, enhances the benefit of the services we already provide.

If you are not yet a client of ours, why not get in touch to see how we can help?