R A Lister Chartered Accountant

First quarter filing for MTDfIT all clients filings completed ahead of the deadline.
Thank you to all clients who sent their information in on time, hope all goes well for future filing deadlines.

A reminder to clients who still have to send me their first quarters information for filing under MTDfIT which need to be filed by 7 August please send me by the dates agreed in the new Engagement letter.

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Well for some reason or other my personal Facebook will not let me make a post so doing it on here.
Went to see Monica yesterday (Friday 17th) as usual and she had this visitor to her bird feeding hanging tubes

MAKING TAX DIGITAL for INCOME TAX

We have engaged with HMRC since April 2025 in their Testing scheme to check that we can work with the software we are going to be use.

All taxpayers should already have received a letter from HMRC advising them of the requirement to file under MTDfIT but we have only heard from three clients who have received these letters to date, most of them were sent before 31 December 2025 and the final ones were sent out in the last two weeks of February.

The filing of quarterly returns is starting from 1st/6th April 2026 depending on your year end and quarterly returns MUST be filed by the 7th of the month following the filing date:
30 June file by 7 August
30 September file by 7 November
31 December file by 7 February
31 March file by 7 May
5th filing to file any corrections by 31 January following 5th April year end

We have been speaking to clients for the last 12 months and particularly when completing the 2025 Tax Return.

Filing from 1st/6th April 2026 applies to any sole trader who has total rental/Self-assessment income in excess of £50000 that has been declared on their 2025 Tax Return.

From 1st/6th April 2027 this limit is reduced to £30000 so we will be speaking to you in the next 12 months.

If you are falling within the requirement to file as you are above the £50000 under MTDfIT then we need to have a discussion with you before the end of March to agree who is doing what and if you are wanting us to do the filing to set up a timetable as we will not be able to do all filings in the last week and you may fall fowl of the penalties been issued. The onus is on yourselves to supply the information to us in good time.

You need to be registered for MTDfIT as soon as possible