What is Making Tax Digital for income tax?
Making Tax Digital (MTD) is a new initiative introduced by HM Revenue & Customs (HMRC), designed to modernise the way tax is reported.
Under this scheme, sole traders and landlords will be required to report their income and expenses on a quarterly basis, using HMRC approved software. A final declaration will also need to be submitted by the end of January each year. It’s important to get prepared ahead of time as late submissions can result in penalties.
Whether you just want help setting up or whether you want us to take full control – Marquee Tax are here to help. Book in your free consultation now to get started.
What is the purposes of the scheme?
Marquee Tax have partnered with one of the leading HMRC compliant software companies – ensuring accuracy and efficiency at every stage. Book in your free consultation now and get prepared ahead of time.
Who will be affected?
- From April 2026, the self-employed and landlords with an annual income of £50,000+ will be affected
- From April 2027, it will affect those with an annual income of £30,000+
- From April 2028, those with an annual income of £20,000+ will also be affected
During the initial call, we will assess if and when you’ll be impacted, what preparations are required and how we can make the process as smooth as possible by handling everything.
Why Work With Us?
Already have access to key data
We already have access to your income data and file your HMRC statements, making the process a whole lot easier.
Expert advice and support
Our team of specialists are always on hand to guide and support you, based around your individual needs.
Bespoke packages
Whether you want us to take complete control or just help you to get started with MTD, we have you covered.
Ensure HMRC compliancy
Ensuring HMRC compliancy and accuracy is embedded into everything we do, so you don’t need to worry about submission of inaccurate information or late submission penalties.
Stress-free and seamless transition
Currently doing the accounts yourself or using another accountant? Move over to us and we will ensure the transition is completely stress-free.
How will MTD benefit you?
- Helping you to budget more accurately
- Gives you an ongoing estimate of taxes
- Prevents unexpected tax bills at the end of the year
- Gives a more accurate overview of your financial position
- Leads to better decision making
What is required?
- Use cloud-based, HMRC approved software
- Submit income and expenses on a quarterly basis
- Provide evidence in the form of invoices, receipts etc
- Submit a final declaration at the end of January
- Pay any remaining tax in two instalments: January and July
We can help with all of any of the above. Register your interest now and we can create a package that best suits your individual needs.
How to get prepared for Making Tax Digital
The initial idea of the upcoming changes can be overwhelming but we are here to help and ensure the process is as seamless and pain-free as possible.
Register your interest and arrange a free consultation with the Marquee Tax team to discuss:
- If, when and how you will be affected by Making Tax Digital
- How we can manage the process for you
- The level of support you require
- The documentation that will need to be provided
- Any questions or concerns you may have
