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Introducing Xero Simple, a plan to support you with Making Tax Digital for Income Tax

Xero

The next phase of Making Tax Digital is coming. In April 2026, Making Tax Digital for Income Tax (MTD for IT) will be introduced, and its set to shake up the record keeping, reporting and tax requirements for self-employed people and landlords. MTD for IT filing will be available in all Xero business plans.)

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Prepare for Making Tax Digital for Income Tax with Xero’s ITSA Academy

Xero

From April 2024, self-employed people and landlords earning over £10,000 annually, will need to follow Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) rules. . In place of the annual Self Assessment , clients will need to send the following every tax year: . Four quarterly updates . One Final Declaration.

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Three things you might not know about Making Tax Digital for VAT

Xero

That’s right, it’s time for a gentle nudge/firm reminder that your business must now comply with government legislation Making Tax Digital (MTD) for VAT. . Here, we break down some of the things you may not know about MTD for VAT, from software requirements, to benefits, to why it really is time to dive into tax digitisation. .

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Everything you need to know about digital links for Making Tax Digital

Xero

As a small business owner getting to grips with what’s needed to comply with Making Tax Digital (MTD) for VAT, you’d be forgiven for feeling a little overwhelmed by the number of actions and items you’ve likely never encountered before. HMRC has a complete list of the digital records you need to keep for MTD.

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5 Work-from-Home Tax Deductions

Nolan Accounting Center

For remote workers, taking advantage of work-from-home tax deductions is important to have more money left over after taxes that can be saved, invested , or spent. There are the benefits of work-from-home tax deductions. However, remote employees can request tax-free reimbursements for work equipment and supplies.

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A short guide to Making Tax Digital for landlords

Xero

Making Tax Digital for Income Tax Self Assessment ( MTD for ITSA ) requires that landlords earning more than £10,000 use MTD-compatible software to keep records and make submissions to HMRC. John is a salesman employed by a business, so the company payroll takes care of his tax and national insurance contributions.

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Record-keeping Best Practices: Organizing Financial Records for Tax Purposes

Outsourced Bookeeping

Effective tax planning and compliance rely heavily on maintaining accurate records. In this piece, we delve into the significance of proper record-keeping for tax-related reasons and discuss the optimal techniques to achieve it. This encompasses documentation relating to sales, receipts, invoices, and expenses.