Making Tax Digital Update (May 2023)

When does MTD for Income Tax start for sole traders?

Sole traders with a taxable turnover over £50,000 will have a 'digital start date' of 6 April 2026, and those with a taxable turnover over £30,000 will start the following year 6 April 2027.

Eligible businesses and landlords will be required by law to keep digital records of all income and expenses using MTD-compatible software.

At David Lyttle + Co, we specialise in Sage Accounting software but also work with various other software packages including Quickbooks, Xero and FreeAgent. We provide both training to clients and ongoing support with their chosen software package. Some of the key benefits to using accounting software are listed below:

  • Significant time saving for the client in terms of bookkeeping and record keeping. This means they can dedicate more time to other key functions of their business.

  • Real time reporting throughout the year which can assist with vital business decisions and tax planning.

  • Simplifies the year-end accounts process.

We offer monthly software packages starting from £10 + vat per month. Call us on 028 86761666 or 028 9081 4637 should you wish to discuss what package will best fit your business needs.

May 2023 - (Ref:6)
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