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The next UK Budget (the Autumn Budget 2025) is scheduled for 26 November 2025, when the Chancellor of the Exchequer will set out the government’s tax, spending and borrowing plans.
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- Audit and assurance services
- Accounting and taxation for business
- Charity and community interest companies (CICs)
- International accountancy services
- Bookkeeping, VAT, cloud accounting & payroll
- Tax planning
- Business advisory and wealth creation
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Making Tax Digital for Self Assessment
The way self-employed individuals and landlords report income to HMRC is changing.
Making Tax Digital (MTD) for Income Tax Self Assessment is part of the government’s wider effort to modernise the tax system.
The way self-employed individuals and landlords report income to HMRC is changing.
Making Tax Digital (MTD) for Income Tax Self Assessment is part of the government’s wider effort to modernise the tax system.
What is MTD?
This is new legislation that will requires individuals to:
- Keep digital records of their business and/or property income and expenses.
- Send quarterly summaries to HMRC via MTD compatible software.
- Submit a final declaration each year
This aims to improve accuracy and reduce errors but it will also change the way you manage your tax affairs throughout the year.
Who will be affected and when?
HMRC is phasing in MTD based on the combined turnover for sole trade and rental income.
From 6 April 2026
Applies to self-employed individuals and landlords with combined gross income over £50,000 per year
From 6 April 2027
Expands to self-employed individuals and landlords with combined gross income between £30,000 and £50,000.
From 6 April 2028
Expands to self-employed individuals and landlords with combined gross income over £20,000.
What you need to do to get ready
- Check your income – Add up your gross income from self-employment and rental properties.
- Switch to digital record-keeping – Use MTD compatible software to track income and expenses. Spreadsheets can still be used with bridging software but moving to full cloud-based tools is advisable.
- Prepare for quarterly updates – Be ready to submit figures every 3 months rather than just once a year.
- Work with your accountant – We can manage all MTD submissions on your behalf, can help you choose the right software and make the transition smoothly.
We provide full support to help you become MTD-compliant including:
- Guidance on choosing and setting up digital tools
- Bookkeeping and tax submission services tailored to your business
- Ongoing support with quarterly updates and final submissions
You don’t have to navigate this change alone.
Making Tax Digital for Self Assessment is a significant change but it’s one you can prepare for and we can help with this.
01323 649 509
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