Wigan-based firm Fisher & Co. can help its clients with the Making Tax Digital (MTD) expansion by managing the transition to digital record-keeping, ensuring they use compliant software, handling regular quarterly updates, and providing proactive tax advice. This is a significant shift from the annual tax return system for many taxpayers, and Fisher & Co. can act as a crucial guide.

How Fisher & Co. helps with the MTD transition

• Initial client assessment: Fisher & Co. can identify which sole traders and landlords will be affected and when, based on their annual income thresholds. The first phase starts in April 2026 for those with qualifying income over £50,000.
• Software selection and setup: The firm can recommend and help set up HMRC-recognised software that best suits the client’s business needs. This is critical for keeping digital records, submitting updates, and avoiding manual errors.
• Client training and support: Fisher & Co. can train clients to use the new software for capturing income and expenses digitally. This is especially helpful for those who are unfamiliar with cloud-based accounting and previously used manual or spreadsheet-based records.
• Managing quarterly updates: MTD for Income Tax requires four quarterly submissions of income and expenses. Fisher & Co. can manage these submissions on behalf of clients, ensuring they are accurate and filed on time to avoid penalties.
• Final year-end declaration: The firm can prepare and submit the final tax declaration, the Self Assessment tax return. This ensures that all adjustments, reliefs, and allowances are correctly applied.
• Proactive tax advice: With more regular access to their client’s financial data, Fisher & Co. can move from reactive compliance work to providing proactive, real-time advice on tax planning, cash flow, and business strategy.
• Compliance checks: Ongoing monitoring of the client’s digital records helps ensure accuracy and compliance throughout the year, reducing the risk of errors and potential HMRC audits.

• CONTACT FISHER & CO. TODAY FOR A FREE CONSULTATION ON 01942 513729

  Taxation Planning and Accountancy Advice