Making Tax Digital for Income Tax myth buster

Making Tax Digital (MTD) for Income Tax is one of the biggest changes to the UK tax system in recent years – and it’s coming soon. Wondering how this impacts your normal self-assessment obligations? In this final episode of a four-part mini-series on MTD for Income Tax, Helen Wood from TaxAssist Accountants dispels some of the common misconceptions surrounding the MTD requirements for those sole traders and landlords who are impacted.

Helen will clarify that quarterly updates aren’t four mini-tax returns, payments still land on 31st January, and private landlords are included. You’ll need compatible software (HMRC won’t provide a free option), but spreadsheets plus bridging software can still work. Helen also shares practical prep steps – get set up early, lean on training and use webinars. Finally, discover how TaxAssist can smooth your transition with tiered support and recommended software like Xero, QuickBooks, Dext and Hammock.

Thanks to TaxAssist Accountants for sponsoring this mini-series on Making Tax Digital for Income Tax. TaxAssist is currently offering listeners the opportunity to register for their free webinar for further advice on Making Tax Digital for Income Tax. You’ll get expert guidance on how to digitise your records and meet your obligations, as well as the opportunity to ask any burning questions. Click here to register.

Show notes for the episode can be found on the Start Your Own Business podcast website. Visit Start Up Donut and sign up to the Donut newsletter for more free start-up news, advice and special offers to help you save time and money.