As one of the first accountancy firms in Oxfordshire to embrace Xero’s online accounting and real time updates capability, we like to think of ourselves as ‘early-adopters’.
Maximising technology to allow us to be more efficient is important to us, which is why we’re a leading Xero firm in the South East and official Platinum Partner.
Initially MTD only applied to VAT registered businesses but this was due to change from 6 April 2024. In December 2022 the government postponed these plans for at least two years. From April 2026 MTD for Income Tax will apply to anyone who is:
Self Employed, or
a Landlord
with combined income over £50,000 (£30,000 from April 2027). Separate rules will apply to partnerships and companies later.
For many people that currently submit a self-assessment tax return, MTD will mark the end of the current annual tax return and the introduction of quarterly returns.
MTD requires the use of dedicated accounting software to record income and expenditure. We are huge fans of Xero (see below) which we make available to clients from just £5.50 + VAT per month.
The software will make the quarterly return process very straightforward in a similar way to how VAT returns are already submitted through the software. If you really don’t want to get involved, then simply outsource your bookkeeping to us.
As one of the first accountancy firms in Oxfordshire to embrace Xero’s online accounting and real time updates capability, we like to think of ourselves as ‘early-adopters’.
Maximising technology to allow us to be more efficient is important to us, which is why we’re a leading Xero firm in the South East and official Platinum Partner.
QuickBooks & Sage
We also have a lot of clients that still use QuickBooks or Sage, both desktop and cloud versions. Whilst we would always encourage new businesses to start with Xero we don’t necessarily migrate those established businesses that are happy with their existing system.
