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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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The routine services you would expect us to provide are listed below but it’s the important ongoing professional advice that really helps our clients.
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For many years trusts have been considered the standard way to pass family wealth on to future generations. The last few years however have seen tax changes which mean that Family Investment Companies (FICs) may be the more tax-efficient option…
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If you are a sole trader or partnership (but not a limited company) you have a choice to use so-called “simplified expenses” or calculate your expenses for vehicles, working from home and living on your business premises by working out the actual costs.
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The OECD's newly established Crypto-Asset Reporting Framework (CARF) mandates that crypto platforms share taxpayer data with tax authorities, a practice they currently do not follow. The objective is to grant tax authorities access to cross-border information, aiding in the enforcement of tax compliance. The UK, foreseeing the potential recovery of substantial tax revenue through CARF implementation, has forged a historic agreement with 48 nations to combat criminal exploitation of cryptoassets for tax evasion.
Raising threshold to £500,000 would cost £1.4bn a year in lost tax
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