Making Tax Digital, what you need to know

HMRC’s Making Tax Digital (MTD) rules are changing the way businesses keep records and file returns. It’s all about moving from paper/manual systems to digital ones.

Here’s a quick reminder

 Who’s affected?

- VAT registered businesses (already required)

- Self employed businesses & landlords (coming soon: April 2026 for income over £50k, April 2027 for £30k–£50k)

 What it means:

- You must keep digital records

- Submissions go through MTD compliant software

- Quarterly reporting replaces the old once a year system

 Why it matters:

- Staying compliant = avoiding penalties

- Real-time reporting gives you a clearer picture of your finances throughout the year

- Digital systems save time (no more chasing paper receipts!)

 Not sure if you’re ready for MTD? Team Fosse can help you pick the right software, stay on top of deadlines, and keep things stress-free.

 billie@fosseaccounting.com

 01636 233234