Making Tax Digital (MTD) for Income Tax represents one of the biggest changes to the UK tax system in recent years. With the first quarterly submission deadline approaching on 7th August, now is the time for businesses to ensure they are prepared.
MTD for Income is relevant to a wide range of people including all sole traders and most landlords with rental income. Recent research highlights that while many businesses have started their MTD journey, levels of readiness vary considerably across the market. Understanding the challenges and opportunities ahead can help make the transition smoother and reduce the risk of last-minute complications.
What does MTD mean for taxpayers?
Making Tax Digital for Income Tax requires those affected to:
- Keep digital records of income and expenses.
- Use compatible software to maintain those records.
- Submit quarterly updates to HMRC.
- Complete an end-of-year submission to finalise their tax position.
While the new system introduces additional reporting requirements, it also offers opportunities for improved record-keeping, greater visibility of tax liabilities and more efficient financial management.
How Burgis & Bullock can help
At Burgis & Bullock, we’re helping clients navigate the transition to Making Tax Digital with practical advice and tailored support. Whether you need help selecting software, implementing digital record-keeping or managing your quarterly submissions, our team can support you every step of the way.
Our aim is to make compliance a seamless part of your business routine, rather than a last-minute challenge.
Key actions to take now
If MTD applies to you, we recommend that you:
- Confirm whether you will be affected.
- Ensure you have suitable software in place.
- Review your current record-keeping procedures.
- Speak to your adviser about your reporting obligations.
- Start preparing well ahead of the 7 August submission deadline.
Need advice?
The move to Making Tax Digital is a significant change, but with the right preparation it can be managed efficiently and successfully.
If you would like guidance on how MTD affects you or your business, please contact the Burgis & Bullock team www.burgisbullock.com/contact-us/
free making tax digital briefing 