More than 864,000 sole traders and landlords must submit their first quarterly update by 7th August, with David Howard offering free support to help them prepare.
With HMRC’s first quarterly Making Tax Digital (MTD) for Income Tax deadline approaching on 7th August, David Howard has launched a free online Making Tax Digital Readiness Review.
Running throughout July and August, the review is available to sole traders, landlords and other taxpayers who want to check they’re ready for their first quarterly update.
The new service comes as more than 864,000 sole traders and landlords with qualifying income above £50,000 complete their first quarterly update under Making Tax Digital for Income Tax, one of the biggest changes to UK tax reporting in decades. The review helps taxpayers check they’re ready for Making Tax Digital, confirming their software and digital records meet HMRC requirements before the first deadline.
HMRC estimates that around 7 million people receive income from self-employment or property, with almost 2.9 million expected to join Making Tax Digital for Income Tax as the rollout continues over the next two years.
According to David Howard, many sole traders and landlords are still asking basic questions about the new reporting requirements. Common questions include whether Making Tax Digital applies to them, which software to use, how to keep digital records and what information needs to be included in each quarterly submission. Answering these questions before 7th August reduces the risk of missed deadlines and gives taxpayers time to put the right systems in place.
Simon Bishop, Managing Partner at David Howard, said:
“Making Tax Digital is one of the biggest changes to tax reporting for many years, and for many sole traders and landlords quarterly reporting feels like another administrative burden. We’re still speaking to people who aren’t sure if they’re using the right software or whether their records meet HMRC’s requirements.
Businesses still relying on spreadsheets or manual bookkeeping will have four filing deadlines a year instead of one. Setting up the right systems now can make those submissions much quicker.
Many banks now offer free business bank accounts that connect directly to cloud accounting software. Once everything is set up, transactions flow straight into the software and, after a quick review,it’s ready to submit directly to HMRC. For many businesses, that removes the need for separate spreadsheets, cuts administration and helps keep compliance costs down.
Our free Making Tax Digital Readiness Review helps taxpayers identify any gaps before the first deadline, giving them time to put the right systems in place while reducing unnecessary administration and future compliance costs.”
Established in 1973, David Howard supports businesses and individuals from 12 offices across Surrey and the South East. The firm is a Xero Platinum Partner, QuickBooks Platinum ProAdvisor and Sage Accredited Partner, providing accountancy, tax, bookkeeping, payroll, audit and business advisory services.
Sole traders, landlords and other taxpayers preparing for the 7 August deadline can book a free Making Tax Digital Readiness Review by contacting their local David Howard office or visiting the firm’s website.
