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X-WR-CALDESC:Events for Trowbridge Chamber of Commerce
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DTSTART;TZID=UTC:20260219T083000
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SUMMARY:Making Tax Digital (MTD)
DESCRIPTION:As HMRC prepares to roll out the next phase of its Making Tax Digital (MTD) for Income Tax initiative from April 2026\, Monahans is holding an informal coffee morning session from 8:30 am to 10:00 am on 9th February at Monahans\, County Gate\, County Way\, Trowbridge\, BA14 7FJ. \nYou can learn about your MTD responsibilities and get expert advice on staying compliant\, in a friendly\, relaxed environment.  Monahans wants to help you make MTD for Income Tax compliance as painless as possible\, so be sure to come along to the Trowbridge session. \nCost:  Nothing! This is a FREE event! \nWhen: 8:30 am to 10:00 am\,  19th February 2026 \nAddress: Monahans\, County Gate\, County Way\, Trowbridge\, BA14 7FJ. \nBOOK YOUR FREE TICKETS HERE \nMORE INFORMATION  \nIt’s a brand new year and with it brings a significant change in the way individuals report their income to HMRC. From April 2026\, many landlords\, sole traders and self-employed individuals will be required to keep digital records and submit regular updates using approved software – are you ready for those changes? \nWhat is Making Tax Digital? \nMaking Tax Digital (MTD) is part of HMRC’s long-term plan to modernise the UK tax system. Under MTD\, taxpayers will no longer rely solely on an annual tax return. Instead\, income and expenses must be recorded digitally and submitted to HMRC every quarter through MTD-compatible software\, followed by a final year-end declaration. \nThe intention behind the changes is to improve accuracy\, reduce errors and give taxpayers a clearer\, more up-to-date picture of their tax position throughout the year. \nWho needs to comply with Making Tax Digital in 2026? \nApril 2026 is a key milestone because it marks the beginning of the phasing in of MTD and will apply to landlords\, sole traders and self-employed individuals whose combined business and/or property income exceeds £50\,000 per year. \nThose with income below this level are not expected to be mandated until at least April 2027\, as HMRC plans to lower the threshold in stages. Some groups have been deferred until 2029\, and others may be permanently exempt\, for example\, if you have certain disabilities. \nEven if you are not required to comply immediately\, early preparation is strongly recommended to avoid a rushed transition later on. \nHow to prepare for Making Tax Digital \nGetting ready for MTD involves more than simply meeting a new reporting deadline. It requires changes to how records are kept\, how often information is reviewed and how submissions are made to HMRC. \nOne of the most important steps is moving to digital record-keeping. This means using MTD-compatible software to record income and expenses rather than relying on spreadsheets or manual systems – so now is the time to do your research and find one that works for you\, as different software solutions suit different types of businesses and landlords. \nMaking Tax Digital penalties and how to avoid them \nHMRC will operate a points-based penalty system for late submissions. While this may sound concerning\, penalties can be avoided with the right preparation\, systems and support in place. Staying organised\, submitting on time and seeking professional advice will help ensure ongoing compliance and peace of mind. \nMaking Tax Digital represents a fundamental change\, but you do not have to navigate it alone. We can help you choose suitable MTD-compatible software\, set up digital records\, understand how MTD affects your tax position and ensure submissions are made accurately and on time.
URL:https://trowbridgechamber.com/event/making-tax-digital-mtd/
LOCATION:Monahans\, County Gate\, Trowbridge\, BA14 7FJ.\, United Kingdom
ATTACH;FMTTYPE=image/jpeg:https://trowbridgechamber.com/wp-content/uploads/2026/01/Monahans-making-tax-digital-image-e1769721570848.jpg
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