Making Tax Digital
Making Tax Digital (MTD) will affect most businesses by changing how business records are kept and how tax information is sent to HMRC.
We simplify Making Tax Digital (MTD) compliance, ensuring it's efficient and stress-free. The UK government's MTD initiative mandates that businesses and individuals maintain digital records and submit tax returns using compatible software. Whether you're a sole trader, landlord, or VAT-registered business, we assist you in transitioning smoothly.
Who Needs to Comply with MTD?
- VAT-registered businesses with taxable turnover above £90,000 must use MTD-compatible software for VAT submissions.
- Since April 2026, self-employed individuals and landlords with an income over £50,000 have been required to follow Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA).
- From April 2027, this threshold lowers to £30,000.
- From April 2028, this threshold lowers to £20,000.
How We Help
At Hollis and Co we offer a full suite of MTD-compliant services, including:
- Software setup & integration
- Digital record-keeping
- Quarterly tax submissions
- Ongoing support
Our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax, whether you're considering investments, a second home, or another asset.
Every year, corporation tax rates and reliefs vary, so we make sure we can offer all the necessary assistance and advice when examining potential exemptions, allowances, and deductions. In order to make sure you are in compliance and avoid fines, we will carefully evaluate and produce corporate tax filings.
Whether you're considering investments, a second home, or another item, our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax.
We can help walk you through the complicated subject of personal taxation, we are aware that it can be challenging to grasp, therefore we support you every step of the way. By developing a tax planning approach that works for your tax situation and helps ensure you pay the least amount of tax, we eliminate the time and worry involved. Our staff will provide guidance on when payments are due in addition to what paperwork must be submitted and returned in order to maintain compliance.
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35 Wilkinson Street
Sheffield
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