Do you have a flat in Spain or a cottage in France that you rent out and for which you need to make Making Tax Digital for Income Tax (MTD IT) quarterly reports? In March, significant simplifications were announced to the level of information required for foreign properties, such that the MTD IT record-keeping requirements...

Basis of assessment – The tax year 2023/24 was the transition year from the ‘current year’ basis of assessment (which charged tax on the profits of a 12-month accounting period ending in the tax year) to the‘tax year’ basis of assessment, which taxes the profits actually arising in the tax year. Only businesses that already...

HMRC have confirmed that they will be going ahead with making tax digital for income tax in the 2026-27 tax year. Therefore, from April 2026 if you have a combined income of over £50,000 annually, from self-employment or property rental, you’ll need to use MTD compatible software to:

Making Tax Digital for Income Tax changes the way that self-employed individuals and landlords report their earnings to HMRC. If you are wondering how this might affect you and your business, Associate Kenneth Logan brings you the story so far along with a guide to the new rules. Making Tax Digital – what has happened...