Heart and Soul Accounting

‼️🚨 Deadlines for the month 🚨‼️

With the new tax year here, comes big changes.

The one being slept on is Making Tax Digital for self assessment (MTD ITSA).

Many accountants are not offering MTD ITSA as a service, leaving self employed and rental property owners with 3 choices.

1️⃣ DIY and risk it being wrong

2️⃣ choosing to bury their head in the sand

3️⃣ pay high prices

What is being lost in translation is the fact you need to register with HMRC for it even if you qualify through your 2024/25 tax return.

So my question is, are you ready for MTD ITSA?

It’s getting louder! Are you as a sole trader or landlord ready?

If not, now’s the time to reach out and get prepared!

It doesn’t need to be stressful or scary, we promise!

Here’s to 2026!

May your business flourish and you achieve your personal goals!

Merry Christmas one and all! Have the most amazing time from us here at Heart and Soul Accounting! 🎄🎅🏻☃️

So what were the main changes out of the budget yesterday!

✅ Freeze on income tax thresholds

✅ New mansion tax on property valued over £2m

✅ Salary-sacrifice pension contributions above £2,000 per year will lose their National Insurance tax exemption by 2029 — a change that hits higher earners hardest.

✅ Higher taxes on investments/savings and passive income

✅ Reduced tax-free savings allowances

✅ Benefit reforms: The controversial “two-child benefit cap” is being abolished — a social-policy move aimed at reducing child poverty.

✅ Cost-of-living relief in certain areas: Despite many tax rises, the budget promises interventions designed to ease pressure on households — including measures on energy costs, support for public services, and expanded public investment

What did you think of yesterday’s budget?