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Making Tax Digital 2026: A Guide for Small Businesses

Making Tax Digital (MTD) is HMRC’s plan to move all businesses to digital tax records. The rules are changing again in 2026, and small businesses need to prepare.

What is Making Tax Digital?

  • HMRC initiative requiring VAT, Income Tax, and eventually Corporation Tax to be filed digitally.
  • Goal: reduce errors and modernise the tax system.

    • Who Must Comply in 2026?

  • Self-employed businesses and landlords with income over £50,000 (from April 2026).
  • Over £30,000 (from April 2027).

    • What Software Do You Need?

  • Must use HMRC-approved accounting software (Xero, QuickBooks, FreeAgent).
  • No more paper or spreadsheet-only records.

    • Steps to Take Now

  • Review bookkeeping system.
  • Move to cloud accounting software.
  • Train staff on digital record keeping.
    • Need help getting ready for MTD 2026? Contact Meer & Co for a free consultation.
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