Here at Minerva all tax returns have been completed and we’re just chasing the last few clients for approval so that we can press the button to submit them. Then we’ll open the champagne!
So, what’s next?
MTD (Making Tax Digital) is looming its cyber head again. April 2026 sees the start for clients with gross income over £50,000 and April 2027 for those with over £30,000.
Over the next few weeks we’re going to triage our clients to see:
• who is affected and when?
• are they already using software such as Xero?
• are they keeping the bookkeeping up to date each month?
• can they do the bookkeeping themselves or do they need a professional?
• Is the business simple enough to submit based on the bookkeeping each quarter or will they need us to make quarterly adjustments?
• Do we need to increase resources (software or people) to do any extra work?
• Do we need to increase fees because of this extra work? (my guess is yes, a little, but it will be the clients with poor bookkeeping who are affected most)
My plan is to use the 2025/26 tax year as a dummy run. If we and our clients are up to date each quarter then we just need to wait for our software to be ready for the submissions.
Let’s hope it all runs smoothly but, even if not, we’ve got a year to iron out any issues.