Making Tax Digital - What it means to you
Making Tax Digital. What it means to you and how Bernard Rogers & Co can help.
What is Making Tax Digital?
Making Tax Digital (MTD) is a government initiative designed to modernise the UK tax system. It requires businesses and landlords to keep digital records and submit their tax information using MTD-compatible software. This change aims to improve the accuracy and efficiency of tax reporting, making compliance easier and reducing errors.
Who is affected and when?
MTD applies in stages across different taxpayer groups. VAT-registered businesses with turnover above the VAT threshold are already required to file digitally. From April 2026, landlords and self-employed individuals with property or trading income exceeding £50,000 must comply with MTD for Income Tax. This threshold will reduce to £30,000 in April 2027 and then to £20,000 in April 2028. Eligible taxpayers will move from annual Self Assessment returns to submitting quarterly updates on income and expenses.
What does this mean for your business?
With MTD, businesses will need to submit more frequent updates and maintain digital records using compatible software such as Xero, QuickBooks or bridging software. Although this represents a shift in how tax information is managed, it brings significant benefits: increased accuracy through automation, fewer errors, and time savings by streamlining reporting processes.
How can Bernard Rogers & Co Support You?
At Bernard Rogers & Co, we know these changes can feel overwhelming. That’s why we offer comprehensive support tailored to your needs. Our team can help you choose and set up the right MTD-compliant software to suit your business. We provide training and ongoing assistance, ensuring you and your team are confident with digital record-keeping and submissions.
We stay up to date with the latest regulations, so you don’t have to. Our proactive approach ensures you meet all compliance deadlines and requirements.
Beyond compliance, we assist with maximising your tax efficiency, claiming capital allowances, and planning for long-term growth. We’re here to simplify your accounting and help you make the most of the opportunities MTD offers.
What Should You Do Next?
To prepare for Making Tax Digital, start by assessing how and when the new rules apply to your business. Begin transitioning to digital record-keeping and select appropriate accounting software. Partnering with Bernard Rogers & Co means you have expert guidance every step of the way to ensure a smooth transition and ongoing support.
Ready to make Making Tax Digital work for your business? Contact Bernard Rogers and Co today to discuss how we can help you navigate these changes with confidence.
Visit our website at www.bernard-rogers.co.uk Call our office on 01926 851516 or email David at davidrogers@bernard-rogers.co.uk
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