In the evolving landscape of UK taxation, staying ahead of regulatory changes is crucial. With the phased introduction of Making Tax Digital (MTD) for Income Tax by HMRC, it’s imperative for landlords, self-employed individuals, and small business owners to adapt to digital record-keeping and reporting. Competex is here to guide you through this transition, ensuring compliance and efficiency every step of the way.

Understanding Making Tax Digital (MTD) for Income Tax

MTD for Income Tax is a government initiative aimed at transforming the tax system by requiring digital record-keeping and quarterly reporting of income and expenses. This shift is designed to reduce errors, streamline the tax process, and provide real-time insights into tax liabilities.

Key Implementation Dates:

• From 6 April 2026: Individuals with annual income over £50,000 from self-employment or property rental must comply with MTD requirements.
• From 6 April 2027: The threshold lowers to £30,000, encompassing more taxpayers.
• From 6 April 2028: MTD will be extended to those with income over £20,000.

Under MTD, affected individuals must:

• Maintain digital records of income and expenses using HMRC-approved software.
• Submit quarterly updates to HMRC, providing a summary of income and expenses.
• File a final declaration by 31 January following the end of the tax year, confirming income details and tax due.

To assist you further, Competex offers a comprehensive MTD guide to help you understand and comply with Making Tax Digital, providing expert advice and resources.

• How Competex Supports Your MTD Compliance

At Competex, we specialise in assisting clients through the complexities of MTD compliance. Our services include:

• Digital Record-Keeping: We help you set up and manage digital records using MTD-compliant software, ensuring accuracy and ease of access.
• Quarterly Reporting: Our team prepares and submits the required quarterly updates to HMRC on your behalf, keeping you compliant and informed.
• Final Declarations: We handle the preparation and submission of your annual final declaration, ensuring all income is accurately reported.
• Ongoing Support: Our experts provide continuous guidance and support, adapting to any changes in MTD regulations and helping you navigate the digital tax landscape.

• Additional Services Tailored to Your Needs

Beyond MTD compliance, Competex offers a range of services to support various client needs:

• Landlord Services: Whether you own one property or a portfolio, we manage everything from company setup and accounts to tax return filing, ensuring your property business runs smoothly. Learn more 
• Expatriate Tax Services: For UK expats or foreign nationals with UK income, we provide specialised tax advice and compliance services, helping you navigate the complexities of international taxation. Learn more
• Company Formation: Starting a new business? We work with trusted partners to form your company at Companies House, providing all necessary documentation within four business days, so you can focus on launching your venture. GET OUR GUIDE
• Limited Company Bundle: Our Limited Company bundle gives you everything you need to run your business efficiently and stay compliant. From company formation to payroll and tax submissions, we’ll keep you covered. With MTD-compliant bookkeeping software, a dedicated accountant, and timely reminders, you’ll stay organised, supported, and in control all year round. Learn more

• Why Choose Competex?

• Expertise: With years of experience in tax compliance and digital accounting, we understand the nuances of MTD and how it affects different business structures.
• Personalised Service: We tailor our services to meet your specific needs, whether you’re a landlord, sole trader, or small business owner.
• Proactive Approach: We stay ahead of regulatory changes, ensuring you’re always prepared for what’s next in tax compliance.
• Transparent Pricing: Our clear, fixed-fee structure means no surprises—just reliable service you can count on.

• Prepare for MTD with Confidence

Don’t wait until the last minute to adapt to Making Tax Digital. Partner with Competex today and ensure your transition to digital tax compliance is smooth and stress-free. Visit competex.co.uk to learn more about our services and how we can support your business in the digital age.