Are you Self Employed? A Landlord? or BOTH?
Do you know what Making Tax Digital is?
Do you know about the new reporting rules from April 2026?
If your income for 2024/2025 was greater than £50,000 per year (sales, not profit) from April 2026 you have to :
Start sending your income and expense results to HMRC every three months!!!
And complete a final declaration.
Thats five reports instead of just your ONE Self Assessment!
You also need digital software to do it!
What do I need to do for Making Tax Digital and when:
You need to find HMRC approved software to report to HMRC:
There are lots around - we use xero - it is chargeable but you can claim the cost as an allowable expense.
visit www.xero.com or speak to us. As a partner we get a discount so we can help reduce your costs to.
Check with your bank - lots of banks offer free access to software that link to your business bank account and help you record your income and expenses, even let you take photographs of your receipts so you dont have to keep lots of paper in boxes or bags.
Using the HMRC approved Digital software you now need to send 5 reports a year as follows:
Self employed income and allowable expenses for 06/04 - 05/07/26 by 07/08/2026
Self employed income and allowable expenses for 06/04 - 05/10/26 by 07/11/2026
Self employed income and allowable expenses for 06/04 - 05/01/27 by 07/02/2027
Self employed income and allowable expenses for 06/04 - 05/04/27 by 07/05/2027
Then your have to send a Final Declaration including all your income for the tax year including the following if you have them (just like you would on a your old self assessment:
Self employed income and allowable expenses
Earnings form employment, pensions, savings interest, dividends, etc
No later than 31st January 2027
Dont worry - just contact us and we will help you through it.
What we do:
We help with recording financial transactions for your business to produce a profit and loss showing how your business is performing. We calculate your tax liabilities under ITSA (Income Tax for Self Employed) or Corporation Tax for limited companies and file the required tax returns due to HMRC.
We only charge for what we do!
