beta
Join a growing community of business owners. Get the latest business guidance and economic news via WhatsApp, email, or RSS.
Join a growing community of business owners. Get the latest business guidance and economic news via WhatsApp, email, or RSS.
25 February 2026
·
11 min
In this video, Liz Barclay speaks with Eriona about the upcoming changes to the UK tax system, specifically the implementation of 'Making Tax Digital'. This new initiative, which is set to be phased in between April 2026 and April 2027, has raised concerns among small business owners who are unsure about how to navigate the changes. Eriona provides a step-by-step guide on how to prepare for this transition, stressing the importance of understanding what 'Making Tax Digital' entails and how it will affect businesses. Eriona suggests that the first step is to educate oneself about the new system. The government website is recommended as the most reliable source for the latest information. She also advises checking the last two years of tax returns to determine if your income is above £50,000, as this will likely require you to submit for 'Making Tax Digital' for income tax. If you're unsure, contacting HMRC directly for clarification is recommended. Once eligibility is confirmed, businesses should select an approved software from the government's list and ensure it is connected to their government gateway. Eriona also highlights the importance of seeking professional help, such as an accountant, to ensure the correct setup and ongoing compliance. She reassures that if set up correctly, the process of submitting quarterly should not be overly complicated.
Share: