MR & MRS WILKS LIMITED
Making Tax Digital
MTD - Everything you need to know
What you should know
Making Tax Digital (MTD) is HMRC’s move towards a more digital tax system, changing how sole traders and landlords keep records and report income. Instead of relying on a single annual tax return, MTD requires you to maintain digital records and submit updates to HMRC quarterly.
When you are eligible based on income:
• Over £50,000 – from April 2026
• Over £30,000 – from April 2027
• Over £20,000 – from April 2028
What are the quarters?
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April – June → due 7 August
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April – September → due 7 November
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April – December → due 7 February
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April – March → due 7 May (following tax year)
FAQs
Will Making Tax Digital change how I pay tax?
No. MTD changes how you keep records and submit information to HMRC. It does not automatically change when or how much tax you pay.
What happens if I miss a deadline?
Missing deadlines could result in penalties or interest from HMRC. We try our best to help our clients stay on track with reminders and timely submissions.
I already have my own way of bookkeeping, can you help me still?
Yes. We work with however the client prefers, whether this is a simple excel spreadsheet, hand written information or a large software package like sage
Does MTD affect limited companies?
Currently, MTD applies mainly to VAT obligations. HMRC has announced plans to extend digital reporting requirements for Corporation Tax in the future, although no mandatory date has been confirmed.
Will I pay tax every quarter?
No. Quarterly submissions are updates of your income and expenses, not tax payments. Your final tax position is confirmed after the end-of-period process and final submission.
How can i get started today?
Contact us through email, phone, whatsapp or through the website.