About Us

Services

Address

Business Hours

We are committed to delivering the highest level of professional competence and expertise at a cost effective price. Whether you are a company, partnership, sole trader or a sub-contractor, we are here to help you with your accounts, self assessment, etc.

• Corporation Tax
• Personal Tax
• RTI Payroll
• Self Assessment
• VAT Returns

352 Herringthorpe Valley Rd

Stag, Rotherham

S60 4LA

e: info@branagans.co.uk

t: 01709 327 215

Please feel free to visit or contact us during the following times:

Monday-Friday*  :

*Please contact us if you require an out of hours appointment

9AM to 5PM

© 2024 Branagans Accountancy Services Ltd | Company Number: 5965462 | VAT Number: 917 8490 87

BRANAGANS

Accountancy Services Ltd

01709 327 215 | info@branagans.co.uk

WHAT IS MTD ITSA?

Making Tax Digital for Income Tax Self Assessment, commonly known as MTD ITSA, is a revolutionary way of reporting earnings to HMRC. This initiative is a crucial component of the government's strategy to modernise the UK's tax system.

WHO WILL BE AFFECTED?

Starting from April 2026, individuals with business and/or rental income exceeding £10,000 per annum must make quarterly reports under MTD ITSA. This will impact most self-employed taxpayers with business or property income surpassing £10,000 annually. Limited exemptions are available, subject to application with HMRC.

WHAT'S CHANGING?

Under MTD ITSA, sole trader businesses and self-employed taxpayers are required to maintain all business records digitally using accounting software. Quarterly updates, including total sales and expenses every three months, must be submitted to HMRC by August 5, November 5, February 5, and May 5 each year. Additionally, End of Period Statements (EOPS) are due annually by January 31, following the relevant tax year.

Key Points:

- Quarterly updates include total sales and expenses every three months.

- EOPS are filed annually and can only be submitted once all quarterly updates are complete.

- Quarterly updates and EOPS must be filed for each source of business income.

Final declarations can be submitted once all sources of taxable income for the year are reported to HMRC.

WHAT ELSE YOU NEED TO KNOW

Since April 6, 2022, every VAT-registered business, regardless of turnover, must adhere to MTD VAT rules. While the mandatory MTD ITSA deadline is April 2026, starting to keep digital records now offers significant benefits and ensures a smoother transition.

HOW CAN BRANAGANS ACCOUNTANCY SERVICES ASSIST YOU?

At Branagans, we collaborate with businesses to address their accounting needs. Our dedicated team of MTD specialists is ready to advise and assist you in preparing for and complying with Making Tax Digital. Trust Branagans Accountancy Services to guide you through this transformative change and ensure your seamless transition to MTD ITSA compliance. Contact us on 01709 327 215 or email info@branagans.co.uk.

Are you ready? MTD ITSA is coming!