Making Tax Digital
Making Tax Digital for Income Tax
Our TAX services
What is MTD IT and how does it affect you?
Making Tax Digital for Income Tax (MTD IT) modernises UK tax reporting for self-employed individuals and landlords. It requires keeping digital records, submitting quarterly updates, and filing annual reports via MTD-compatible software. Transitioning from paper records, this system streamlines processes and reduces errors.
Don’t worry, we’re here to offer lots of support to ease the change.
Our TAX services
Who does MTD IT apply to?
MTD IT is being rolled out in a phased format as follows:-
From April 2026, MTD IT applies to self-employed individuals and landlords with a combined annual income over £50,000, based on 2024/25 tax returns.
From April 2027, it will extend to those earning between £30,000 and £50,000.
From April 2028, it will extend to those earning between £20,000 and £30,000.
HMRC is reviewing its application for individuals earning below £20,000, so staying updated on potential changes is vital.
Note, this threshold is based on total turnover, not profit, from all self-employed and property income combined.
Our Tax Services
How MTD IT will impact you
If you currently rely on paper records, it’s time to upgrade. Under MTD IT, all records must be kept digitally using software compatible with Making Tax Digital guidelines. Spreadsheets are an acceptable form of digital record keeping but you will need software to send the updates to HMRC.
Instead of filing a single Self Assessment tax return once per year, you’ll now submit four quarterly updates to HMRC. These reports provide regular insights into your income and expenses across the year.
While you’ll still need to finalise your accounts annually, the process will be simplified by using digital tools supplied by your chosen software.
With quarterly updates, you’ll have a more accurate overview of your tax obligations throughout the year. HMRC highlights this as one of the key benefits of MTD IT, helping to reduce the risk of surprises at year-end.
Preparing for MTD IT
Review your annual income from self-employment and / or property sources to determine when you need to comply with MTD IT.
Start using MTD compatible software, we can guide you on the best software options to meet your needs.
Say goodbye to overflowing filing cabinets and paper receipts. Organise your income and expenses digitally, ensuring all records are up-to-date and accurate.
Learn how to submit Quarterly Updates, Year-End Declarations, and End of Period Statements using your chosen software.
Navigating the transition to digital accounting can feel overwhelming. That’s where we come in. At MJ & Co Accountants, we have the knowledge and resources to ensure you remain fully compliant with the latest regulations at every stage in the process detailed above.
Our Services
We have various options for clients depending on their individual needs and what they require. Our services start at £90.00 + VAT per quarter. Our pricing structure is as follows:-
-
Undertake the quarterly submissions yourself using compliant Making Tax Digital software. £0.00
-
Complete a Spreadsheet (supplied by us) each quarter and MJ & Co Accountants submit this for you through our software. From £90.00
-
Submit purchase invoices / receipts and income to us digitally using our receipt capture solution and spreadsheet exports. MJ & Co Accountants will then prepare and make the quarterly submissions for you. From £130.00
-
MJ & Co Accountants to prepare in full the quarterly submissions from your source paperwork each quarter. From £180.00
Stay on top of these potentially complicated changes with MJ & Co Accountants by following us on our social media channels.
Get in touch today to make the switch to MTD IT as smooth as possible.
Are you concerned about making tax digital or looking for guidance?
 Contact our experts in Shrewsbury for professional assistance and advice. Let’s safeguard your financial interests together.
Meet Our Team
Simon Cook
Co-Founder
Simon joined in 1989 and is now
Managing Director. He oversees all
aspects of the business, including
Accounts and Tax.
Benn Pryce
Senior Accountant
Benn joined us in 2008 and deals with
all aspects of Accounts and is our
expert on VAT.
David Jones
Senior Tax Consultant
David, who founded the firm in 1986,
now works part-time as our expert on
all aspects of Tax.
Frequently Asked Questions
At MJ & Co Accountants, we believe in empowering our clients with the knowledge they need to make informed financial decisions. Our FAQ section addresses some of the most common queries we receive, covering a range of topics from tax preparation to complex compliance issues. If your question isn’t listed here, please don’t hesitate to reach out to us for personalised support.
Have A Question?
Please don’t hesitate to reach out to us for personalised support
What documents do I need to provide for my personal tax return?
To ensure a comprehensive and accurate personal tax return, we typically request financial statements, proof of income, records of expenses, and any relevant investment information. A detailed checklist will be provided during our initial consultation.
How can MJ & Co Accountants assist my business with year-end tax planning?
If you’ve been notified of a tax investigation, it’s important to contact us immediately. Our team of experts will work with you to understand the inquiry’s scope, prepare the necessary documentation, and represent your interests with HMRC
What should I do if I am contacted about a tax investigation?
To ensure a comprehensive and accurate personal tax return, we typically request financial statements, proof of income, records of expenses, and any relevant investment information. A detailed checklist will be provided during our initial consultation.
Can MJ & Co Accountants help me with tax planning for my estate?
Absolutely. We offer estate planning services that include strategies for minimizing Inheritance Tax liabilities, ensuring your assets are distributed according to your wishes, and helping you set up trusts and other structures to protect your legacy
What documents do I need to provide for my personal tax return?
To ensure a comprehensive and accurate personal tax return, we typically request financial statements, proof of income, records of expenses, and any relevant investment information. A detailed checklist will be provided during our initial consultation.
