Get clarity with an HMRC making tax digital consultation

As the UK tax landscape undergoes a digital transformation, understanding HMRC’s Making Tax Digital (MTD) initiative, and how it affects your business, is vital.

At Tim Taylor & Co, we believe clarity is paramount. Our tailored HMRC Making Tax Digital consultation ensures you stay informed, compliant, and ahead of the curve.

What is HMRC’s making tax digital?

HMRC’s MTD programme is designed to modernise the UK tax system by making it more efficient, accurate, and digital-first. Initially rolled out for VAT in April 2019, it is now expanding to Income Tax Self Assessment (ITSA), affecting sole traders and landlords.

The rollout is phased:

From April 2026, those with self-employment and/or property income exceeding £50,000 will be required to comply.
From April 2027, the threshold drops to £30,000.
By April 2028, the threshold further reduces to £20,000, encompassing many more individuals.

This staged approach underscores the importance of early readiness.

Why consultations matter:

Navigate complex timelines
We break down the phased implementation: £50k → £30k → £20k, so you know exactly when your requirements begin and what’s expected.
Software & quarterly updates
MTD requires digital record-keeping and quarterly submissions via MTD-compatible software. Even if you’re using spreadsheets, they must connect digitally via bridging tools.
Avoid Steep Penalties
Late filing penalties will increase under the new system. A consultation helps you build processes that ensure accurate, timely submissions, avoiding unnecessary costs and stress.
Understand Exemptions & Deferrals
Certain groups may qualify for deferrals or exemptions, depending on their circumstances. Our team helps you determine whether any of these apply to you.
Personalised Transition Planning
We guide you in selecting the right software, whether a full end-to-end solution or a bridging option, ensuring your systems meet HMRC’s standards.

At Tim Taylor & Co, we offer:

A 360° MTD readiness assessment, pinpointing your exact compliance date.
Expert guidance on software integration and agent access.
A strategic plan to build quarterly filing into your workflow.
Advice tailored to your sector, whether self-employed, property, or otherwise.

In summary

Making Tax Digital is reshaping how taxes are managed in the UK. With phased thresholds and stricter penalties, now is the perfect time to seek guidance. A dedicated HMRC Making Tax Digital consultation with Tim Taylor & Co equips you with the knowledge, tools, and confidence to navigate this transition smoothly, and lets you get back to running your business with peace of mind. Get in touch with our expert team today.