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Talking Numbers

We keep your business compliant with HMRC and give you the financial guidance to start and grow!

16/06/2026

We’re still answering your key Making Tax Digital questions in the run up to August.

Q: Which software should I use?

A: All of the main bookkeeping packages such as Xero, Sage, FreeAgent and QuickBooks are compatible with MTD. If you’re not sure which software to use, let us know and we can talk through your options.

Your software should suit how you work and make keeping records easy.

Any MTD questions you would like us to answer? Let us know!

09/06/2026

Our next MTD question in the series!

Q: What are Digital Records?

A: A digital record is a transaction recorded in accounting software, which must have a date, the amount and an accounting category (such as rent or advertising expenditure).

Your accounting software will prompt you to enter the right information.

Any MTD questions you would like us to answer? Let us know!

01/06/2026

We are continuing to cover the questions you ask on MTD!

Q - Do I need to submit separate quarterly updates for each trade or property?

A - Yes. For example, if you have two trades, you need to submit separate quarterly updates for each one. All income from UK property is added together and submitted in one quarterly update, no matter how many properties you rent out.
You will only ever need to submit one annual tax return.

💬 What Making Tax Digital questions would you like us to answer next? Comment below and we’ll include them in the series.

29/05/2026

Continuing with our Making Tax Digital Q&A series...

Q: Is eligibility based on turnover or profit?

A: Eligibility for MTD is based on turnover, not profit. For self-employment, you might call this sales, revenue or takings. For property income, this will be the rents that you receive.

If you have any questions about MTD or how it applies to you, get in touch with our team on 0141 611 1834 , we are here to help!

27/05/2026

🚗 HMRC Mileage Rates Update for 2026/27

An important change for businesses and employees who claim mileage 👇

From 6 April 2026, HMRC has increased the approved mileage rate from 45p to 55p per mile for the first 10,000 business miles.

✅ What you need to know:

• The new 55p rate applies to the first 10,000 miles
• Electric vehicles (personally owned) can now claim the full rate
• Directors can claim mileage from their company when using a personal vehicle
•Commuting journeys (home to regular workplace) are not eligible
•Keeping accurate mileage records is essential to support claims

📊 This update provides a valuable opportunity to maximise tax-efficient reimbursements but only if records are accurate and compliant.

If you’re unsure what you can claim or how this applies to your business, it’s worth getting advice. Drop us a line or give us call on 0141 611 1834.

15/05/2026

Next up in our MTD Q&A Series..

Q - What is 'qualifying income'?

A - Eligibility for MTD is based on qualifying income, which is the total of your turnover (sales) from self-employment, UK property and foreign property.

If your total qualifying income added together for the year is more than the threshold, you’ll need to join MTD the following year.

If your self-employment turnover was £40,000 and your property rental income was £20,000, then your qualifying income would be £60,000.

💬 What Making Tax Digital questions would you like us to answer next? Comment below and we’ll include them in the series.

12/05/2026

Making Tax Digital Q&A Series!

This is one of the most important questions we’re asked:

Q- Are there any benefits to MTD?

A- Yes. Your books and records will be kept up to date and each time you submit a quarterly update, you will get a tax estimate from HMRC, meaning that it’s easier to predict what you’ll owe sooner.

While Making Tax Digital is a change it can give business owners better visibility and fewer surprises.

💬 What Making Tax Digital questions would you like us to answer next? Comment below and we’ll include them in the series.

07/05/2026

Making Tax Digital Q&A Series

There’s a lot of misunderstanding around what HMRC can see under MTD, so let us help you clear this one up.

Q- Can HMRC see all my transactions?

A - No. HMRC can only see the quarterly summaries of your income and expenses and your annual tax return when it is submitted after the year end.

Your detailed records stay with you & HMRC only receives summary information.

💬 If you’ve got a MTD question you’re unsure about, let us know in the comments. Your questions help shape this series.

05/05/2026

Making Tax Digital Q&A Series

We are continuing our Q&A series to answer the key questions business owners are asking about Making Tax Digital.

Q- Do I need to pay more tax?

A - No. Your Self Assessment payment deadline will remain 31 January following the tax year end. You’ll still need to make payments on account if you do so at the moment.

Making Tax Digital changes how and when information is submitted, not how much tax you pay.

💬 Have a question about Making Tax Digital you’d like answered? Drop it in the comments and we’ll cover it in an upcoming post.

30/04/2026

Making Tax Digital doesn’t have to be complicated!

In this Q&A series we will answer the key questions business owners need to know about Making Tax Digital (MTD).

Q: What is Making Tax Digital?

A: Making Tax Digital (MTD) is a UK government initiative aimed at transforming how individuals and businesses report their taxes. It requires sole traders and landlords with annual turnover over £50,000 to use digital records.

Starting from 6th April onwards, these individuals must submit updates every three months to HMRC replacing the traditional annual Self Assessment process.

💬 If you have any MTD questions you would like us to answer, let us know & we’ll cover them in upcoming posts.

Address

Unit 27, Huntershill Village, 102 Crowhill Road
Bishopbriggs
G641RP

Website

http://www.talkingnumbers.uk/

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