TaxDot Accounting services

‼️New MTD rules are already in place — check whether the new tax system applies to you‼️

📍MTD Income Thresholds
The requirement to join MTD is being phased in based on your annual gross qualifying income:

From April 2026: If your gross income is over £50,000.
From April 2027: If your gross income is over £30,000.
From April 2028: If your gross income is over £20,000.

📍Combined Sources: If you have both a sole trader business and rental properties, HMRC adds together the gross income from both to check against the threshold.

📍Expenses are Ignored: Even if your business has high costs and very low net profit, you must still join MTD if your total sales/rent (gross) exceeds the limit.

📍Excluded Income: Salaries from employment (PAYE), dividends, and pensions do not counttowards the MTD threshold.

📍Joint Property: Only your individual share of gross rental income from jointly owned property is included in your calculation.

🚨One week to go until Making Tax Digital!🚨

From 6 April, Making Tax Digital applies if your combined turnover from property and self-employment is over £50,000.

Don’t leave it to the last minute - sign up now and get set up with recognised software. ⬇️

https://makingtaxdigital.campaign.gov.uk/?&utm_source=f.co_hmrcgovuk&utm_medium=social&utm_campaign=mtd

‼️Attention Self-employed & Landlords ‼️

Changes are coming from 6 April 2026.

If you earn £50,000+ per year or you are individual landlord, you will need to submit quarterly reports to HMRC under Making Tax Digital (MTD), declaring your income and expenses.

To be ready, you should start now:
✔️ Register for MTD
✔️ Choose the right accounting software
✔️ Agree with your accountant who will manage the process

We’ve prepared a simple guide to help you get started!

📩 Contact us today to create your personalised action plan and stay ahead of the changes.

Any questions? please ask TaxDot Accounting services

Thinking of starting a business? One of the first things to consider is whether to operate as a Sole Trader or set up a Limited Company (LTD).

Both options have their pros and cons, and the right choice depends on your circumstances and future plans.

As a Sole Trader, the setup is simple and reporting is usually more straightforward. However, you are personally responsible for the business, which means any debts or liabilities are yours personally.

With a Limited Company, the business becomes a separate legal entity. This can offer some protection for your personal assets, and in some cases it can also be more tax efficient. However, it does come with additional responsibilities, such as filing annual accounts, confirmation statements, and maintaining proper company records.

Other things to think about include:
• Different tax rates and how profits are taxed
• Reporting and compliance requirements
• Your level of personal liability
• How you plan to grow the business in the future

Every situation is different, and choosing the right structure at the start can make a big difference in the long run.

We offer financial consultations for new businesses, where we review your plans, expected income, tax implications, and legal structure options to help you make the right decision from the beginning.

If you’re planning to start a business and want to make sure everything is set up correctly, feel free to get in touch TaxDot Accounting services

We would like to thank our clients for taking the time to leave us such valuable reviews! ⭐️⭐️⭐️⭐️⭐️

Your feedback truly means a lot to us and helps us continue to improve our services.

If you are currently working with us or have worked with us in the past, we would greatly appreciate you sharing your experience. Please feel free to leave us a review using the link below.:

https://g.page/r/CRnuYKRpRGPdEB0/review

From 1 April 2026, the UK National Living Wage for workers aged 21 and over will increase by 4.1% to £12.71 per hour.

The government has also announced higher rates for younger workers, with 18-20 year olds receiving £10.85 and 16-17 year olds/apprentices set at £8.00 per hour.

https://www.gov.uk/government/publications/minimum-wage-rates-for-2026

Selling your buy-to-let property in the UK? 🏡

Don’t forget, you may need to report and pay Capital Gains Tax within 60 days of completion.

The good news? You can usually deduct certain costs, such as:
✔️ Purchase and sale legal fees
✔️ Estate agent fees
✔️ Stamp Duty paid on purchase
✔️ Capital improvement costs (e.g. extensions, major renovations and not routine repairs)

Understanding what’s deductible can significantly reduce your tax bill. If you’re planning a sale, make sure your figures are reviewed before submission.

Please feel free to ask TaxDot Accounting services if you have any questions!

Final reminder! ⏰

The Self-Assessment deadline is 31 January 2026!

Make sure your tax return is submitted to HMRC and all tax due is fully paid to avoid penalties ❗️

Need assistance? Contact us today TaxDot Accounting services

☎️ 07594 570555
🖲️ [email protected]