From April 2026 all sole traders and landlords with a total turnover of more than £50,000 (before deductions) will need to comply with HMRC’s new regulations or face ongoing fines. Despite the deadline being just a few months away, myths still surround HMRC’s new process, with many small business owners remaining unprepared for the changes. Read on to find out the truth behind the myths – or register to join our MTD specialist Danielle for our FREE MTD seminar on Wednesday 21st January 2026 at Gooding Accounts Trowbridge HQ.
Initially, Making Tax Digital for income tax self assessment was scheduled for launch in April 2024. Following the disruption from COVID-19, the government recognised that small businesses needed additional time to recover and the launch was pushed back to April 2024 and subsequently to April 2026.
Many small business owners (and even some accountants) still believe that the launch of Making Tax Digital will be delayed yet again in April 2026. However, senior accountancy leaders across the UK are now in full agreement that the changes will definitely be going ahead for the following reasons:
If you need help getting ready for Making Tax Digital our dedicated team of professionals are here to help. Chartered Accountant and Tax expert, Danielle will be holding a free seminar on Wednesday 21st January to guide you through the changes and ensure you’re prepared ahead of the deadline. Spaces are limited to 20 so register to attend today!
There has been much negativity surrounding Making Tax Digital, but as our tax specialist, Danielle, discusses there are plenty of positives to the upcoming changes;
“I’ve always encouraged our clients to use an accounting software if possible as it gives real-time visibility of your accounts – allowing more informed business decisions based on solid evidence.”
“Submitting your records quarterly, instead of just once every year should mean that you have more visibility of what your tax bill will be – so no nasty surprises!”
You can read more about the benefits of MTD in our article.
Whilst submitting records multiple times each year will inevitably create additional workload for both clients and accountants, and transitioning to a digital platform instead of supplying paper receipts will also require extra effort, this does not mean the overall workload will increase fourfold.
Here at Gooding Accounts our dedicated Making Tax Digital team have worked through our internal processes to ensure we’re ready for the upcoming changes with minimal disruption and fee increases.
Here at Gooding Accounts we understand that change can be daunting – and Making Tax Digital represents the biggest change to Income Tax Self Assessment since it was introduced more than 30 years ago. As with any change, once you become familiar with the process it will inevitably become easier. It’s important to remember that whilst the shift to Making Tax Digital may seem daunting at first it will bring with it many benefits for your business.
It’s important to get ahead of the changes before April 2026 as our tax specialist Danielle describes;
“If you’re affected by the changes you’ll need to be ready to submit your records digitally from April 2026. To do this you’ll need to have software set up and understand how to use it. In many cases sole traders and landlords will also need a separate bank account for their business, this can take a little while to get in place so it’s important to act now so you’re not racing to meet the first submission deadline.”
Here at Gooding Accounts we’ve been running a free seminar for our clients and small businesses owners across Wiltshire who are affected by the changes. The next session on Wednesday 21st January and will help you to understand what you need to do to be legally compliant with MTD and how Gooding Accounts can support you. Simply register your details and join us at our White Horse Business Park HQ from 8:00am on the 21st.
Our expert team have been working hard to understand the complexities of making tax digital and select software solutions to help ease the transition – freeing you up to do what you do best – run your business.
Your client manager is always here to help – simply give them a call or drop them an email to arrange a one-to-one meeting to discuss your specific MTD requirements.
Our friendly and helpful approach to accountancy, ensures that you understand and are in tune with your finances. Our committed team will communicate with you every step of the way so that you understand the position of your financial affairs – get in touch today.
