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Making Tax Digital for Income Tax is one of the biggest changes to the UK tax system in recent years. From April 2026, many self-employed individuals and landlords will need to keep digital records and submit quarterly updates to HM Revenue & Customs instead of relying solely on an annual Self Assessment return. In this comprehensive guide, we explain who will need to comply, when the rules come into effect, what the income thresholds are, and how quarterly reporting will work in practice. We also cover key questions about software, digital record-keeping, penalties, and how the changes may affect small businesses, contractors, and landlords. Whether you are already using accounting software or still relying on spreadsheets or paper records, this article will help you understand what MTD means for your business and how to prepare well in advance of the new rules.
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In today's major U-turn, HMRC declared that it will retract its current guidelines on the tax treatment of Dual Cab Pick-Ups (DCPUs). As a result, DCPUs will maintain their classification as commercial vehicles instead of personal cars, preserving the longstanding tax advantages for businesses and individuals.The government has taken into account the feedback from the agricultural and automotive sectors regarding the potential effects of altering the tax regulations. It has recognized that the guidance issued following the 2020 court ruling might affect businesses and individuals in ways that do not align with its broader objectives of supporting key industries, including those in motoring and farming.
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HMRC has increased its efforts against cryptocurrency investors as the crypto market has seen a huge surge in prices over the last year. Bitcoin has gone up by more than 150% in the past year. Crypto investors might get a letter from HMRC requesting them to submit documents that show their crypto transactions and earnings from their crypto assets.
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The government announced that two existing R&D schemes will be combined, with the purpose of simplifying the incentive and preventing it from abuse. The new merged scheme will cover both, - the existing incentive for small and medium-sized enterprises (SMEs) and the research and development expenditure credit (RDEC) for larger businesses. Accountants will keep playing a crucial role in making sure their clients are informed of the changes and helping them to prepare.
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HMRC is focusing on undeclared dividends via reaching out to company owners, asking to declare dividend income. Company owners now have to either disclose any previously undeclared dividends or inform HMRC if nothing to be declared.
We are experienced certified accountants in Kent that are committed to helping small businesses achieve growth.
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