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