As of April 2026, Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) begins its phased mandatory rollout, representing the most significant shake-up of the UK tax system in a generation. This shift means that affected sole traders and landlords must keep digital records and submit quarterly summaries of their income and expenses to HMRC. For many, this is a daunting prospect, which is where a local firm of accountants can be your greatest asset.
Local knowledge, personal service
Unlike large national firms, Fisher & Co offer a personal, hands-on approach. They understand the unique challenges faced by small businesses and landlords in your community and are easily accessible for face-to-face consultations. This personal relationship builds trust and allows for tailored support that meets your specific needs.
Simplified digital transition
The move from manual record-keeping to digital software can feel overwhelming. Fisher & Co will guide you through the entire process, including:
- Software selection: They will help you choose HMRC-compatible software that is the right fit for your business, whether that’s Xero, QuickBooks, or another platform.
- Initial setup: They will handle the setup of your new software, ensuring all your business information is correctly configured from day one.
- Training and support: They will provide training to get you comfortable with the new system, so you can manage day-to-day tasks with confidence.
Peace of mind on compliance
MTD is not just about new software; it’s a completely new reporting cycle that introduces more frequent deadlines. Fisher & Co can help you navigate this new rhythm and avoid potential penalties by:
- Managing quarterly updates: They can handle the preparation and submission of your quarterly summaries, ensuring they are accurate and filed on time.
- Preparing the final declaration: Your accountant will manage the end-of-year process, which replaces the traditional Self Assessment, making final adjustments and submitting the information to HMRC.
- Addressing discrepancies: They will proactively review your quarterly reports to spot any potential issues before they escalate, minimising the risk of errors and future penalties.
Strategic financial insights
With digital records and regular updates, you will have access to real-time financial data throughout the year, not just after the tax year ends. Fisher & Co can use this enhanced visibility to become a proactive advisor:
- Spotting trends: They can help you analyse your business’s performance, identifying trends and advising on potential tax-saving opportunities.
- In-year tax planning: The quarterly updates give you a clearer picture of your tax liability throughout the year, allowing your accountant to help you plan for payments and manage cash flow more effectively.
Focus on what you do best
Ultimately, partnering with a local accountant for MTD frees up your valuable time. Instead of spending hours wrestling with new software and reporting obligations, you can focus on running and growing your business, safe in the knowledge that your tax affairs are in expert hands.
As MTD for Income Tax approaches, preparation is key. Fisher & Co offer the perfect blend of personalised service and expert knowledge to ensure your transition is as smooth and stress-free as possible.
CONTACT FISHER & CO. TODAY FOR A FREE CONSULTATION ON 01942 513729
Taxation Planning and Accountancy Advice
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