Ep 329: Digital Tax Revolution: Don't get left behind!

Andy Pow hosts this week's podcast with Forvis Mazars healthcare accountants Dawn Laird and Lee Simmonett to explain Making Tax Digital (MTD) for income tax, described as the biggest change since the 1990s and arriving in 2026, with around three-quarters of affected taxpayers not registered. MTD currently applies mainly to self-employed clinicians such as GP locums (and some consultants with self-employed private practice) and to property income; it does not directly affect partnerships or limited companies. The trigger is cumulative income over £50,000 (before expenses), including combined self-employment and rental income, with thresholds falling to £30,000 then £20,000. Recipients must register separately (not auto-enrolled). Quarterly submissions start with the first due 7 August, plus a final declaration; tax payment dates remain January and July. Spreadsheets require bridging software; digital tools like Xero are recommended. Penalties begin next year: one point per missed quarterly submission, £200 at four points, lasting 24 months.

00:00 MTD Shockwave 2026

01:23 Who Must Comply

02:37 Income Thresholds Explained

05:15 Registering With HMRC

06:35 Quarterly Deadlines

07:10 Software Vs Spreadsheets

08:53 Final Declaration Basics

11:40 Penalties And Compliance

16:10 Rental Income Complications

20:12 New Businesses And Voluntary

21:45 Top Tips To Prepare

23:57 Accountant Support Options

26:51 Final Wrap Up

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