Making Tax digital
What is Making Tax digital?
Making Tax Digital or MTD, is a new way of reporting tax to HMRC if you are self employed (a sole trader) and/or you have an income from property in the UK or abroad. It is being introduced in 3 phases depending on your qualifying income.
First Phase
If your qualifying income was more than £50k during the tax year 2024/2025, then you should have arranged your set up for MTD at 6th April 2026. If you have not already done so, do this immediately.
Second Phase
If your qualifying income is more than £30k during the tax year 2025/2026, then you will need to register for MTD at 6th April 2027.
Third Phase
If your qualifying income is more than £20k during the tax year 2026/2027, then you will need to register for MTD at 6th April 2028.
What we do for you at Hislop Business Solutions
We can take all the worry away and hassle out of MTD. We set up the right computerised system for you, which will be able to send the MTD quarterly reports to HMRC, and provide you with an app to upload your receipts directly to the software and create customer invoices from. This means you can stay organised on the move and this in turn will be a low cost service.
We also provide Self Assessment return services, Payroll services, Bookkeeping services, and VAT returns, as well as training and customer support.