Making Tax Digital

Are you ready?
Are you compliant?

Don’t leave it until the last minute!

If you’re not set up then we can help

Get used to a new way of reporting

What is it?

Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. All business will eventually be required to keep digital records of their income and expenses, and submit quarterly returns as well as end-of-year statements to HM Revenue and Customs (HMRC).

Who does it apply to?

MTD will eventually apply to all business and all taxes. HMRC are implementing a phased roll-out starting with sole traders and landlords.

When will it happen?

Sole traders and landlords earning over £10,000 per year need to be signed up to MTD for Income Tax by April 2024, and some general partnerships will need to meet the requirements from April 2025. Limited companies are expected to need to meet the MTD for Corporation Tax requirements  by April 2026.

What do I need to do?

Talking Numbers can take care of this for you! We will prepare your accounts from whatever bookkeeping records you have – we recommend using Xero Cloud Accounting Software. To ensure that you are ready and compliant, we will provide assistance and technical support with setting up MTD for Income Tax and what records now need to be kept.

Once you are set up, we will ensure that you understand your new software. We realise that it might be a challenge, but using digital software can make sure that your information is up-to-date, reliable and accurate – meaning that you can use it to make key business decisions.

Talking Numbers will handle the requirement to submit quarterly returns, as well as the new End of Period Statements where necessary.

How Else We Can Help

We offer a full selection of services for small and growing businesses! Learn more by selecting a service below:

Our Services for Small Businesses

Articles & Advice

Spring Budget 2024

Spring Budget 2024

The Chancellor of the Exchequer, Jeremy Hunt, delivered his budget statement in the House of Commons on 6th March 2024. This sets out the tax and spending plans for the coming year. We’ve summarised the key tax points below. Income tax The controversial “non-dom” tax...

The Side-Hustle Tax

The Side-Hustle Tax

What is the “side-hustle tax” and do I need to be worried about it? From 1 January 2024, online marketplace sites like eBay, Uber, Vinted, Airbnb and others are required to report their sellers’ sales details to HMRC. HMRC has always been able to request this data,...

Scottish Budget: 18th December 2023

Scottish Budget: 18th December 2023

The Scottish Government’s Finance Secretary, Shona Robison, set out her budget for 2024/25 on 18th December 2023. This was in the wake of the UK budget being announced on 22nd November 2023, where the Chancellor, Jeremy Hunt, announced a reduction in National...

If you’re ready to understand your numbers better and grow your business,
arrange your free, no-obligation consultation: