Making Tax Digital and Self Assessments – Kennedys Accounting are ready to help

Making Tax Digital and Self Assessments – Kennedys Accounting are ready to help

Have you had a letter from HMRC?

Over the coming years many personal tax payers with income from self-employment and property (landlords) will need to change the way they report income and expenses to HMRC.

If you find yourselves in the following categories, you will legally be required to use Making Tax Digital (MTD) from;

• April 2026 if you earn £50,000 or above
• April 2027 if you earn £30,000 or above
• April 2028 if you earn £20,000 or above

As you become affected you will be contacted by HMRC by letter. HMRC will initially use data from your last personal tax return.

What is MTD?

It’s a new way of reporting and recording income and expenses from self-employment and property. It also means that individuals falling into the bands above will need commercial accounting software that is compatible with MTD, in order to create, store and keep digital records, send quarterly updates and submit personal tax returns.

Here at Kennedys Accounting we have already invested in the required software and are prepared for the changes and therefore you can be assured that we have this in hand.

As soon as you get your letter, please get in touch and we will talk you through the next steps.

Please also see this previous blog from Kennedys Accounting Ltd – https://kennedysaccounting.uk/landlords-look-out-for-making-tax-digital-letters-insights/