Making Tax Digital (MTD)

Making Tax Digital reporting will apply in respect of Income Tax for the self-employed and landlords with gross incomes of £50,000 or more from April 2026 and those with gross incomes exceeding £30,000 from April 2027.

Those with incomes of £20,000 or more will also be required to follow the same rules from April 2028.

This will require these taxpayers to record their income, report and submit information digitally on a quarterly basis using HMRC-compliant software or a suitable bridging solution, as well as an annual return, similar to the current Self Assessment process.

Taxpayers must keep up to date with MTD for Income Tax, as they could face fines or penalties if they do not comply in the future.

Our team has prepared a helpful guide, which is packed with information on the various stages of Making Tax Digital and what you may need to report.

There is now only a short window of time left to prepare for these changes, so if you are still unprepared take action now.

Act now

As the Making Tax Digital initiative continues to progress through its various stages, we are on hand to assist you with any queries or questions that you may have.

To arrange a Making Tax Digital consultation with our team, please contact us.

Naked Accounting is here to help

We can also support you with all the general aspects of running a business, including payroll, bookkeeping, management and annual accounts and audits.

For further details or to arrange a free, no obligation meeting, please contact a member of our team.

The naked truth - what our clients say about us

I’d highly recommend them to other businesses, and I can easily describe the firm in three words: friendly, efficient, and agile.

Dan Simmons | Managing Director and Founder of Quensus

The process is really seamless. If something’s missing, they let me know, and it’s all sorted quickly. They even leave comments in Xero if there’s something specific that they need clarification on. It’s proactive, and it’s all handled smoothly.

Holly Smith | Founder of Genie VA

Their attention to detail and dedication to their work has been impressive. Their approach isn’t just about addressing immediate needs but ensuring long-term reliability and success.

Deborah Jones | Founder of Jones Consulting

One of the biggest advantages has been the backend processing. From coding incoming bills to managing receipts, everything is so slick. We’ve even automated simple tasks like receipt management – just take a photo and it’s handled.

Paul Hutchinson | Co-founder of Thinking Focus

The software underpins their effectiveness. It’s not just accounting software - it includes tools like Slack for intercompany communication, which they’ve integrated for us, making our lives much easier. We can now comment on and collaborate on documents in real-time, which has made everything faster and more efficient.