Taxworks

MAKING TAX DIGITAL

So folks, its going well with no hitches. We've got nearly all you who need to comply this year, through the new system. Deadline is 7th August for the first quarter. Though don't panic - there's no fines if you're behind!

A reminder on who and when you need to start MTD....

6‌‌‌ April‌‌‌ 2026, if your turnover is over £50, 000 in the 2024 to 2025‌‌‌ tax year
• 6‌‌‌ April‌‌‌ 2027, if your turnover is over £30, 000 in the 2025 to 2026‌‌‌ tax year
• 6‌‌‌ April‌‌‌ 2028, if your turnover is over £20, 000 in the 2026 to 2027‌‌‌ tax year

A guideline on when you start MTD MAKING TAX DIGITAL.

🍻 Cheers!

Automatic £100 late filing penalty if you miss the deadline!

We'll be taking a break from next Tuesday till the New Year. 5 days left to catch us. ✨️

MTD starts in 7 months. Check here to see if you need to switch...

https://taxworksuk.weebly.com/making-tax-digital.html

MAKING TAX DIGITAL (MTD)

It's finally happening!

When?
From April 2026

For who?
Self employed people or landlords earning over £50k per year.

You'll be required to...
- upload digital records i.e. income and expenditure
(on mtd compatible software)
- submit a quarterly return
- submit an end-of-year return

We can do it all for you.

Already a client?
If you earnt £50k+ in the tax year April 24 to April 25, we'll be contacting you to talk you through it.

HMRC NUDGE LETTERS
What are they?

Put simply, the governments way of urging you to get your tax affairs in order.

They data check randomly and send these letters out, however, there's roughly a 20% chance of your records ever being fully investigated.

Why you'd get one...

You MAY have underpaid tax for...
- benefits in kind
- capital gains
- bank interest

If you receive one of these letters please don't panic. We can easily check your HMRC accounts and amend your latest returns to avoid an investigation and fines.

Contact us and we'll work you through it.