Today I sent in my first successful quarterly update using Pandle. I had to sign up for Making Tax Digital with HMRC first. To set Pandle up for MTD for Income Tax, first you need to go to Company Settings / Integrations and enter your National Insurance Number. Whilst in that screen, click on the…
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I’ve just sent in my first successful quarterly update with VT Transaction+ . I had to sign up for Making Tax Digital with HMRC first. The first time you use VT Transaction+ for MTD, there is some basic setup to do. All MTD settings can be accessed by clicking the “MTD” option on the top…
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For the last 17 years, I’ve been self-employed running my own accountancy practice. Here’s why I’m scaling back the amount of “done-for-you” compliance work that I do. Making Tax Digital for Income Tax Making Tax Digital (MTD) for Income Tax has been on the cards for 8 years now. That’s given me plenty of time…
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Tax is changing! But not for everyone. Here’s a quick reminder of what’s changing this year and for whom. 2026-27 (tax year starting 6th April 2026) Making Tax Digital (MTD) only starts on 6th April 2026 if the total self-employed and rental income (before expenses) shown on your 2024-25 tax return was over £50,000. If…
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There’s no easy way to answer that. The landscape is constantly changing and new products are coming to market all the time. But here are a few things to consider: 1. Are you looking for free or paid-for software? Although HMRC aren’t providing any free software, they have been encouraging software developers to provide MTD…
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Despite the advantages of using software, what if you’re happy using spreadsheets for your bookkeeping and don’t want to change? In this blog, I explore a free bridging software solution that enables you to keep using spreadsheets and still comply with Making Tax Digital. Making Tax Digital and spreadsheets If your combined income from self-employment…
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The short answer is – yes, you can – but here are some factors to consider: Which tax system are you in? If you’re in Self Assessment, spreadsheets are absolutely fine. You can keep your records in a spreadsheet and manually transfer the totals onto your tax return once a year. If HMRC have moved…
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I disagree. If you run your own business, it should be your choice who does your bookkeeping. Doing it yourself might be the right decision for you, it might not be. If the thought of doing your own bookkeeping appeals to you, here are some questions you can ask yourself. Bookkeeping can be time-consuming. Even…
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Self-employed individuals and landlords who showed a gross income of over £50,000 on their 2024-25 tax return – that’s before deducting expenses – must comply with the new Making Tax Digital for Income Tax rules from 6 April 2026. If this applies to you, you should have received a letter telling you that you’ll need…
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A brief history of Self Assessment Self Assessment was first introduced in 1995-96. At that point, the tax system changed from working on a “preceding year basis of assessment” to a current year basis, which reduced the delay between a sole trader earning the profits and finding out how much tax was due. Under the…
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