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Making Tax Digital
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Making Tax Digital (MTD) will affect most businesses by changing how business records are kept and how tax information is sent to HMRC.
The first stage of MTD was for VAT returns, and we have successfully helped our VAT registered clients to meet their MTD obligations.
The next stage, Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA),will become mandatory for certain self-employed individuals and property landlords from 6 April 2026. We will be able to recommend suitable software and help you prepare.
From6 April 2023, we will also see changes to the ‘basis period’ rules for self-employed individuals that prepare accounts to a date other than 31 March or 5 April, with a number of considerations and choices to be made beforehand.If you are self-employed and your accounting date is not 31 March or 5 April, we will be able to advise you.
MTD for Income Tax for partnerships and limited companies will follow at a later date, and we will keep you informed of any news that affects you.
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Our tax services make sure that your tax liability is calculated taking into account all allowed exemptions and deductions. We simplify the process by using accountancy software to accurately complete tax returns and calculate any tax liability that may occur, along with any payments that need to be made.
Corporation tax reliefs and rates change annually, so we ensure that we can provide all the right guidance and advice when looking at exemptions, allowances and deductions that may be available.
We will thoroughly review and prepare corporation tax returns in great detail in order to ensure you are complaint and that you don’t incur any penalties.
You may be looking at investments, a second property or another asset and our team can make sure you maximise your exemptions while simplifying the difficult area of capital gains tax.
We can help with the complex issue of personal tax, we know it can be difficult to understand, which is why we help every step of the way. We take away the time and stress by creating a tax planning strategy that suits your tax affairs, helping ensure you pay the least amount of tax. Our team will advise when payments are due along with what forms need to be filed and returned to keep you compliant.
Clarke & Co provide the following key services.
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Latest news from Clarke & Co
The UK unemployment rate has risen to 5% in the three months to September, the highest since early 2021, according to the latest figures from the Office for National Statistics (ONS). The increase was slightly higher than expected and adds to signs that the jobs market is starting to soften.
The Department for Work and Pensions (DWP) has launched a national campaign to offer UK businesses access to no-fee specialist recruitment support through Jobcentre Plus. The service is available to all businesses, regardless of size or sector.
From 18 November 2025, identity verification with Companies House will start to be required for company directors and People with Significant Control (PSCs). The measure is intended to improve the reliability of information on the UK’s company register and support efforts to reduce economic crime.
The Chancellor, Rachel Reeves, gave a surprise ‘pre-Budget’ speech last week that appeared to pave the way for tax rises in the Budget on 26 November 2025.
A circular economy (CE) is a model of production and consumption, which involves sharing, leasing, reusing, repairing, refurbishing and recycling existing materials and products for as long as possible.
Value Added Tax (VAT) is a significant consideration for businesses. It impacts your cash flow, the amount of admin work needed, and even your overall profitability. One option available to businesses - with a VAT exclusive turnover of £150,000 or less - is the VAT Flat Rate Scheme (FRS), which offers a simplified approach to VAT accounting.
With the tax year ending on 5 April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money.
A new policy paper has been released by HM Revenue and Customs (HMRC) on Making Tax Digital for Income Tax Self Assessment for sole traders and landlords.
