MTD ITSA & Making Quickbooks Work For You
Article original published in Issue 7 – JT AccountS Newsletter
MTD for Income Tax Self-Assessment (MTD ITSA) is set to roll out from April 2026, and will cover all unincorporated business and landlords for Self-Assessment with annual business and/or rental income over £50,000. Businesses with an income between £30,000-£50,000 have until April 2027.
MTD ITSA is a new way of reporting earnings to HMRC and businesses and landlords will be required to use MTD-compatible software to keep digital records and send income tax updates quarterly instead of filing an annual Self-Assessment tax return. In response they will receive an estimated tax calculation based on the information provided to help them budget for their tax. At the end of the year, they can add any non-business information and finalise their tax affairs using MTD-compatible software.

Most businesses will have 2 years to prepare and test the service voluntarily prior to its introduction which is why we have included this in our newsletter now. If you don’t already do so, we strongly encourage you to begin keeping your business records digitally by signing up with us to QuickBooks, which is fully MTD compatible, as it will make the whole process easier for you and for us. And to help you with this, we would like to offer you a QuickBooks discount of £10pm for the duration of your time with us.
Using QuickBooks will enable you to:
– snap photos of your receipts and record all of your small business expenses
– create, send and track invoices and see what’s owed at a glance
– keep track of your cashflow, bank balances, profit and loss and tax deadlines
– reconcile unexplained bank transactions while they’re on the move
Contact us for a conversation about how this might affect you personally.
ALL NEWSLETTER TOPICS IN ISSUE 7:
Apron: What could be simpler than that?
Business Financing via Business Loans
MTD ITSA & Making Quickbooks Work For You
Estate Planning for Business Owners
Click above to read these article through the JT AccountS website or use the button to download a printable pdf version.
Related Newletters and Articles:
Personal Tax Accounts
It is without question that your Personal Tax Account will be the single most important account you will ever have when interacting with HMRC, and a must have!!
Business Financing via Business Loans
Business Financing via Business Loans. If you are considering generating extra funds to run your business, then one option is a business loan. The loan that will be offered to you will depend on your business and its funding needs and will need to be repaid back with interest.
Apron: What could be simpler than that?
A very clever solution for small businesses that are looking for ways to streamline payments. It takes the pain out of supplier payments with a reduction in risk, a reduction of man hours, and an increase in efficiency. In a nutshell, : What could be simpler than that?

Practice Number: 21331

Jacqueline Tetley is licensed and regulated by AAT under licence number 5096.




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