Tyers Accountancy

Tyers Accountancy Complete tax, accountancy and business support for the smaller business. FREE home visits available.

We provide friendly, expert tax and business support services for small and growing enterprises across North and North East Lincolnshire, with personalised, convenient care.

21/07/2026

The government's long-delayed Making Tax Digital (MTD) rules for Income Tax are rapidly approaching. If you are a sole trader or a landlord, you will soon need to keep digital records and send quarterly updates to HMRC using compatible software.

The rollout is staggered based on your income:

Qualifying Income MTD Start Date
Over £50,000 April 2026
Over £30,000 April 2027
Over £20,000 April 2028
From 6 April 2028, sole traders and landlords with a qualifying income over £20,000 in the 2026 to 2027 tax year, will need to use Making Tax Digital for Income Tax.

Practical tip: Do not wait until the deadline. If you are still using spreadsheets or a shoebox of receipts, we need to transition you to cloud accounting software (like Xero or QuickBooks) this year.

From April 2026 HMRC will be rolling out MTD for individuals with combined sole‑trade and/or rental income over £50,000,...
09/03/2026

From April 2026 HMRC will be rolling out MTD for individuals with combined sole‑trade and/or rental income over £50,000, based on the figures reported on your 2025 Tax Return. If you fall into this group, you’ll need to keep digital records and submit updates to HMRC every quarter using approved software. In practice it means a more structured bookkeeping routine and a stricter filing timetable. Software can make record‑keeping easier but there are downsides:, subscription costs and the discipline required to keep everything up to date throughout the year.

For those not currently using software, or whose bookkeeping tends to be done in a rush at year‑end, this will be a significant change. MTD requires that all submissions come directly from software, so spreadsheets or paper records won’t be enough on their own! Getting into the habit of recording income and expenses regularly will make the quarterly submissions far less stressful. If you rent out property, you’ll also need to track rental income and allowable costs digitally.

We will, of course, be here to support you through the change. We can help you choose suitable software, set up your digital records, and handle the quarterly submissions. Contact us if you’d like to discuss what MTD means for you personally, or want help getting your bookkeeping into good shape before April 2026.

[email protected] | 01469 533203 | www.tyers-accountancy.co.uk

09/05/2025

HMRC has updated guidance on Making Tax Digital, set to impact sole traders and property owners with income over £50k in 2024/25.

Are you prepared? Learn more here: https://wix.to/oZoyazt

02/04/2020

Coronavirus Business Update
- Employers and Employees

Job Retention Scheme
- Eligible Employers
The scheme is open to all UK employers that had created and started a PAYE payroll scheme on 28 February 2020 and have a UK bank account.
Employees you can claim for:
Furloughed employees must have been on your PAYE payroll on 28 February 2020, and can be on any type of contract, including:
-full-time employees
-part-time employees
-employees on agency contracts
-employees on flexible or zero-hour contracts

If an employee is working, but on reduced hours, or for reduced pay, they will not be eligible for this scheme. To be eligible for the subsidy employers should write to their
employees confirming that they have been furloughed and keep a record of this communication.

- How much can an employer claim?
The grant from HMRC is to cover the lower of 80% of an employee’s regular wage or £2,500 per month, plus the associated Employer National Insurance contributions and minimum automatic enrolment employer pension contributions.

There is much useful information surrounding these support schemes, for more information regarding these support measures, please feel free to contact us or request a copy of our full news letter.

02/04/2020

These are challenging times for all of us with news sources saying coronavirus has delivered the sharpest and deepest economic shock in history.
The following are some useful excerpts from our latest news letter including a source link if you would like more information.
Self-Employment Income Support Scheme;
https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

Who are eligible to apply?
You may be eligible to apply if you are a self-employed individual or member of a
partnership. There are other qualifying criteria, these include:
-You have submitted a Self-Assessment tax return for the tax year 2018-19 (if not do so by 23 April 2020)
-You traded in the tax year 2019-20
-You are trading when you apply, or otherwise would be if not for the current COVID-19 situation
-You intend to trade in the 2020-21 tax year
-You have lost trading/partnership trading profits due to the COVID-19 Pandemic
In addition to the above your self-employment trading profits should be below £50,000 and more than half of your income should come from your self-employment. This can be determined by at least one of the following:
-Your self-employed or partnership trading profits in 2018-19 were less than £50,000 and these constitute more than half of an your total taxable income from self-employment.
-Your average trading profit in 2016-17,2017-18 and 2018-19 was less than £50,000 with these constituting more than half of your average taxable income in the same tax period.
-HMRC will use records of 2018-19 tax returns already submitted to identify individuals who may be eligible and will also cautiously risk assess subsequent late returns
filed before the 23 April 2020 deadline that was announced by the Chancellor on the 26 March 2020.

Address

Cally Lodge Marsh Lane, New Holland
Barrow Upon Humber
DN197PY

Opening Hours

Monday 9am - 5:30pm
Tuesday 9am - 5:30pm
Wednesday 9am - 5:30pm
Thursday 9am - 5:30pm
Friday 9am - 5:30pm

Telephone

+441469533203

Website

Alerts

Be the first to know and let us send you an email when Tyers Accountancy posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share

Category