MTD for Income Tax: Solving the capacity puzzle before it breaks your firm.

Making Tax Digital (MTD) for Income Tax is not just another compliance change, it's a fundamental operational shift for accountancy firms. Once in force, every sole trader and landlord within scope will be required to submit quarterly updates to HMRC, all to the same deadline: 5 August, 5 November, 5 February, and 5 May. 

If you have 300 clients within MTD’s remit, you’re suddenly dealing with at least 1,200 additional tax submissions a year – plus year-end finalisations – and that’s excluding any individuals that may have to report separately for both their trade and property income. But the real pressure comes not just from volume, it’s the clustering of that work around those fixed deadlines and the inevitable deluge of client queries that will come with onboarding, training and keeping everyone compliant. 

MTD: first live submission completed via TaxCalc as customer hails ease of use.

TaxCalc has achieved another MTD milestone, as our first live quarterly submission of an update period successfully reached HMRC.

And the verdict is in: “In true TaxCalc style it was intuitive - needing no help or guidance to use.”

Those were the words of Robyn Milstead, Director of Tax at LKA Chartered Accountants, who was among our Beta testers. Robyn, a TaxCalc customer, made the submission using TaxCalc’s new MTD Quarterly Filer product.

Exciting News: TaxCalc Invests in engager.app

On 14th May, TaxCalc proudly announced a significant investment in Engager, the highly regarded browser-based Practice Management solution.

Engager will continue with its existing team remaining in place to deliver the features and functionality its users know and love. This new partnership with TaxCalc will accelerate development and enable deep integration between the two popular platforms.

10 essential items of information you need for Self Assessment (and where to find them)

Filing a Self Assessment tax return can seem daunting, so it makes sense to gather all the necessary information before you start. In our latest blog, we list the most common items you’ll need and provide advice on where to find them.

The benefits of submitting your Self Assessment tax return early

Filing your self-assessment tax return might not be the most exciting task on your to-do list, but submitting it early comes with several significant advantages. Whether you're self-employed, a landlord, or have other income that requires a self-assessment, getting it done well before the January 31st deadline can save you time, money, and stress. Here are the key benefits of filing your tax return early.

Debunking common myths surrounding Self Assessment tax returns

Filing a self-assessment tax return is a task that many dread, often because of the myths and misconceptions surrounding the process. These myths can lead to unnecessary stress, missed deadlines, and even financial penalties. To help clear up some of the confusion, let’s debunk some of the most common myths about self-assessment tax returns.

10 key expenses to claim for on your tax return

Filing a Self Assessment tax return as a self-employed individual can be a complex process, but it's also an opportunity to reduce your tax liability by claiming allowable expenses. However, many self-employed people miss out on deductions they’re entitled to because they overlook certain expenses. 

To ensure you’re maximising your tax savings, here are the key expenses you should not overlook when completing your Self Assessment tax return.

Autumn Budget 2024 analysis and comment

In the most anticipated budget for a generation, Rachel Reeves – chess prodigy, Oxbridge graduate and former Bank of England economist – is well qualified to deliver Labour’s first budget for 14 years. As the UK’s first female Chancellor of the Exchequer, she will undoubtedly continue to inspire the next generation of female economists and political leaders but has her budget delivered on the promise to protect working people, fix the NHS and rebuild Britain?