The deadline for self-assessment was January 31, 2025, with immediate attention to the forthcoming implementation of Making Tax Digital (MTD). In this podcast episode, we, Vicky and Lee, elucidate the significance of MTD and its implications for pet business proprietors across the United Kingdom.

With MTD set to commence in April 2026 for those with a turnover exceeding £50,000, all stakeholders must comprehend the requisite adjustments to their reporting practices. Our discussion encompasses essential strategies for seamless compliance, including the selection of appropriate accounting software to facilitate accurate quarterly submissions. We aim to equip our listeners with the knowledge and tools necessary to navigate this transition effectively, ensuring that they meet regulatory expectations and mitigate potential penalties.

Takeaways:

• The deadline for self-assessment submissions has passed, January 31, 2025.
• Making Tax Digital (MTD) will require quarterly submissions from those with over £50,000 in income.
• Utilizing compliant accounting software is essential for accurate and timely submissions under MTD.
• It is imperative to declare all sources of income on tax returns to avoid penalties from HMRC.
• If you earned over £1,000 last year, you must prepare for the first payment on account.
• Understanding your financials through accounting software can significantly enhance business decision-making.

To find out more about The Pet Accountant visit our website:

www.petaccountant.co.uk