Making Tax Digital for Individuals: What It Means and How Fosse Bookkeeping & Accounting Can Help

The UK government’s Making Tax Digital (MTD) initiative is revolutionising the way individuals manage their tax affairs. If you’re self-employed, a landlord, or earning additional income, MTD for Individuals is something you need to prepare for. At Fosse Bookkeeping & Accounting, we’re here to help you navigate these changes with ease.

What Is MTD for Individuals?

Making Tax Digital for Individuals is part of HMRC’s plan to modernise tax reporting by requiring taxpayers to use digital systems for accurate and efficient tax submissions. This initiative aims to reduce errors, improve transparency, and simplify tax compliance for individuals.

Who Does MTD for Individuals Affect?

MTD will impact: ✔ Self-Employed Individuals – Those running their own business must maintain digital records and submit quarterly updates. ✔ Landlords – Anyone earning rental income above the MTD threshold must comply with digital reporting requirements. ✔ Freelancers & Side Hustlers – If you earn additional income beyond employment, you may need to use MTD-compatible software. ✔ Investors – Those with taxable investment income could be affected depending on future MTD extensions.

What Are the Key Changes?

📌 Quarterly Digital Reporting – Instead of annual tax returns, individuals will submit tax updates every three months. 📌 MTD-Compatible Software Required – Manual spreadsheets and paper records will no longer be sufficient. 📌 More Accurate & Transparent Tax Management – Reducing tax errors and making financial planning easier. 📌 Seamless Integration with HMRC Systems – Digital tools will help streamline tax submissions and payments.

How Can Fosse Bookkeeping & Accounting Help?

At Fosse Bookkeeping & Accounting, we specialise in helping individuals transition to MTD with minimal disruption. Here’s what we offer:

✅ MTD Compliance Checks – Ensuring you understand the rules and are fully prepared. ✅ Software Setup & Training – Helping you choose and use MTD-approved accounting software. ✅ Quarterly Reporting Support – Managing your digital submissions to HMRC. ✅ Ongoing Bookkeeping & Tax Advice – Keeping your finances organised and tax-efficient year-round.

Get MTD-Ready with Fosse Bookkeeping & Accounting

MTD for Individuals is coming soon, and early preparation is the key to avoiding last-minute stress. Let us help you stay compliant, save time, and reduce tax headaches.

Email: billie@fosseaccounting.com

Tel: 07464 491 396