Businesses in Northamptonshire are being urged to get ready for the next set of Making Tax Digital deadlines by the award-winning Rushden accountants at Elsby & Co.
The UK government is revolutionising the way businesses manage and submit their taxes with Making Tax Digital which requires organisations and individuals to keep digital records and submit their tax returns using HMRC-approved accounting software.
The first mandatory Making Tax Digital quarterly update deadline was in August and applied to sole traders and landlords with an income over £50,000. It will be extended to sole traders and landlords earning more than £30,000 from April 2027 and to those earning more than £20,000 from April 2028.
Elsby & Co Associate Partner Carina Benzie said: “As a local accountancy firm, we understand the challenges small and medium-sized businesses face which means we can help them every step of the way with Making Tax Digital.
“We helped businesses affected by the first deadline to select and set-up the right Making Tax Digital-compatible accounting software and trained business owners and their staff to use the new systems confidently and efficiently.
“We’re now urging businesses which will be impacted by Making Tax Digital for the first time next year and in 2028 to make sure they think about their software now – especially if they plan to do it all themselves. It’s important that they get familiar with their choice and check it’s compatible with Making Tax Digital.
“These businesses should also separate their income streams now and, if they are VAT voluntarily registered, we would advise them to consider lining up their deadlines with the Making Tax Digital deadlines so work isn’t having to be duplicated.
“If businesses want support they may want to think about outsourcing to a proactive accountant like us. We can ensure that firms’ quarterly tax submissions to HMRC are accurate and made on time to give them peace of mind.
“We can guide businesses through these changes and show them how quarterly reporting can help them with their cash flow management and forecasting as well as their business decision-making and investment planning.”
For a fee, Elsby & Co can also help businesses register for Making Tax Digital.
The tax return deadline remains January 31. Making Tax Digital quarterly updates do not replace the tax return – customers still need to submit their return and pay any tax owed by the deadline.
To learn more about how Elsby & Co can support businesses with Making Tax Digital, email help@elsbyandco.co.uk or call 0330 053 9189.
