Making Tax Digital
Making Tax Digital doesn’t have to be complicated. With the right software
and support, it can actually make managing your finances easier.
Making Tax Digital is changing the way landlords and self-employed individuals report their income to HMRC.
If you’ve heard terms like digital records, quarterly updates and final declarations and immediately felt your stress levels rise, you’re not alone.
For many people, Making Tax Digital feels like a major change. New processes, new software and more frequent reporting can seem overwhelming at first.
The good news?
You don’t have to figure it out on your own.
At Brooks Accountants, we’ll guide you through every step of the process. From choosing the right software to submitting updates to HMRC, we’ll help you stay compliant while making the transition as smooth and stress-free as possible.
Our goal isn’t just to help you comply with the rules. It’s to help you understand your numbers and feel confident about your finances throughout the year.
Who is Making Tax Digital for?
Making Tax Digital is being introduced for self-employed individuals and landlords who meet the relevant income thresholds set by HMRC.
If you receive income from self-employment, rental properties or a combination of both, there’s a good chance that Making Tax Digital will affect you either now or in the near future.
Many of our clients initially worry that MTD means more paperwork and more admin.
In reality, with the right systems and support in place, it can actually provide greater visibility over your finances, better record keeping and fewer surprises when it comes to your tax bill.
That’s where we come in.
MTD software setup made simple
Choosing the right software is one of the most important parts of Making Tax Digital.
We recommend Xero because it’s simple to use, fully MTD compliant and gives you a real-time view of your finances.
We’ll get everything set up correctly from the start, connect your records, show you how it works and make sure you’re comfortable using it.
No confusing jargon.
No technical headaches.
Just a straightforward system that keeps you compliant and helps you stay on top of your finances.
We’ll help you:
- Setup Xero correctly
- Connect your business records
- Create efficient digital processes
- Keeping everything compliant with HMRC requirements
- Get confident using the software
Keeping digital records organised
One of the biggest changes under Making Tax Digital is the requirement to keep digital records.
That might sound daunting, but with the right system in place, it can actually make managing your finances much easier.
We’ll help you move away from spreadsheets, shoeboxes of receipts and last-minute scrambles to find information. Instead, you’ll have a simple, organised system that keeps your records accurate, up to date and fully compliant with HMRC requirements.
Good record keeping doesn’t just help you stay compliant. It gives you a clearer understanding of your income, expenses and overall financial position throughout the year.
We’ll help you:
- Keep your records organised and up to date
- Create a system that works for your business
- Track income and expenses accurately
- Reduce paperwork and administration
- Stay compliant with Making Tax Digital requirements
- Gain better visibility over your finances
Quarterly updates without the stress
Making Tax Digital replaces the traditional once a year reporting process with quarterly updates submitted throughout the year.
For many business owners and landlords, that sounds like more admin and more deadlines to worry about.
The good news is that we take care of the process for you.
We’ll prepare and submit your quarterly updates accurately and on time, ensuring your records are complete and compliant before anything is sent to HMRC.
More importantly, these regular updates give you a clearer picture of your finances throughout the year, helping you avoid unexpected tax bills and make better financial decisions.
We’ll:
- Prepare your quarterly submissions
- Check your records for accuracy
- Submit updates to HMRC on your behalf
- Keep you informed of important deadlines
- Help you understand your financial position throughout the year
- Give you confidence that everything is being handled correctly
Final declaration and year end support
At the end of the tax year, you’ll need to complete a final declaration to confirm your income, claim any available reliefs and finalise your tax position with HMRC.
By this stage, much of the hard work has already been done through your digital records and quarterly updates, making the process far more straightforward.
We’ll review your information, ensure everything is complete and accurate, make any necessary adjustments and submit your final declaration on your behalf.
Most importantly, we’ll explain the outcome in plain English so you understand exactly where you stand and what tax is due.
We’ll:
- Review your income and records for the year
- Identify any relevant tax reliefs and allowances
- Make any required year end adjustments
- Finalise your tax position
- Submit your final declaration to HMRC
- Help you plan ahead for future tax liabilities
No jargon. No last minute panic. Just expert support to ensure everything is completed accurately and on time.
Worried about MTD? We've got you covered.
Making Tax Digital doesn’t have to be complicated. With the right software and
support, it can actually make managing your finances easier.