Making Tax Digital in Cardiff - The Future is in The Cloud!

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✅ Keep digital records of your income and expenses using MTD-compatible software
✅ Send quarterly updates to HMRC showing your business income and expenses every three months
✅ Submit an End of Period Statement (EOPS) at the end of the tax year to finalise your business income
✅ Submit a Final Declaration to confirm your total income and tax due (this will replace your current Self Assessment tax return)dd a description about this item

• Start date: April 2026 for turnover over £50,000; April 2027 for £30,000–£50,000
   
• Quarterly submissions: Due every three months via MTD-compatible software
   
• Annual submissions: EOPS and Final Declaration will still be required to finalise your tax
   
• Software required: You cannot submit through HMRC’s online Self Assessment portal; MTD-compatible software is mandatory
   
• Penalties: A points-based system will apply for late submissions 
• MTD  sole traders * making tax digital * cloud accounting* Cardiff

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❌ Drawbacks:

• Extra administration time required to submit quarterly updates
   
• Potential software costs, as free options are limited or basic
   
• Increased risk of penalties if quarterly submissions are missed
   
• May not suit those who prefer doing all their tax at once at year enda description about this item

• Check your turnover: Calculate your total income from self-employment and property to see when MTD applies to you. making tax digital is happening, Prepare now!
• Choose software: Research MTD-compatible software options suitable for your business
   
• Start digital record-keeping now: Practising before the start date will make the transition smoother
   
• Speak to your accountant: They can help you prepare and ensure compliance ahead of the deadline