Making Tax Digital (MTD)
Is your business MTD compliant?
‘Making Tax Digital’ (MTD) is a new initiative introduced by the UK Government designed to digitise tax administration, particularly with regard to income tax and VAT – and there are multiple steps that businesses must follow to ensure compliance.
Making Tax Digital (MTD)
How can we help?
How can our Making Tax Digital advisers help?
Improve your accuracy – Errors are common when it comes to collating MTD returns, particularly among businesses that don’t have a fully digitised system in place.
Free up time spent on paperwork
Tax compliance is a highly specialist area, and it takes a lot of time and effort to get it right without having high level expertise on hand.
Hit every key deadline
We will make sure you never miss a MTD deadline and always remain compliant.
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Planning the long-term growth of your organisation is often easier said than done, especially when so much of your focus is spent on solving the day-to-day challenges that come with running a business.
Having an adviser to help you work ‘on’ your business should give you the discipline required to plan and control growth.
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Making Tax Digital Team
why choose us
Why Gerald Edelman?
The majority of businesses we support with MTD find that they simply don’t have time to manage their tax obligations to a high degree of accuracy. Partnering with Gerald Edelman means you never have to worry about digitising your records, reporting errors, managing paperwork or submitting returns to HMRC.
It used to be that MTD applied only to businesses over the VAT threshold of £85,000. However, as of April 2022, all VAT-registered businesses must comply with MTD rules regardless of their taxable turnover. That means the rules apply to thousands of businesses that were previously considered exempt – is yours one of them?
HMRC has also confirmed plans to expand the scope of the scheme and will introduce Making Tax Digital for Income Tax Self-Assessment (ITSA) which has now been delayed and will come into force from April 2026. The requirements will apply to any sole trader or landlord with a gross income over £50,000. For those with an income between £30,000 and £50,000, MTD regulations will apply from April 2027. The deadline requirement for partnerships still remains 6 April 2025.
Get in touch via the ‘Contact’ button above to discuss your situation with one of our expert MTD accountants, or discover more about the services we offer below.
Frequently asked questions
Which businesses will fall under the forthcoming MTD rules for ITSA?
Once the new rules for ITSA come into effect in April 2026, it will apply to any sole trader or landlord with a gross income over £50,000. For those with an income between £30,000 and £50,000, MTD regulations will apply from April 2027. The deadline requirement for partnerships still remains 6 April 2025.
What are the quarterly reporting requirements involved with MTD?
Businesses will need to file a summary of their income and expenses to HMRC each quarter. If the taxpayer has more than one trade or property business (or a combination of trading and property income) then they will need to keep records and return quarterly information separately for each venture.
Businesses will also be required to file an end-of-year statement that details relevant accounting and tax adjustments, and finalises their position at the end of the tax year. The current 31 January will still apply for this. If you are unsure about your reporting requirements then it’s worth getting in touch with an experienced tax adviser to discuss your situation.