Talking Numbers

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

27/07/2026

𝘔𝘛𝘋 𝘘&𝘈 𝘚𝘦𝘳𝘪𝘦𝘴 💡 | 𝘍𝘪𝘯𝘢𝘭 𝘘𝘶𝘦𝘴𝘵𝘪𝘰𝘯

Q: How much will this cost?

A: It depends on the size of your business and the number of transactions. Get in touch and we can provide you with a no-obligation quote.

That brings us to the end of our MTD Q&A series! ✅

With just over a week until the first MTD submissions are due now is the perfect time to make sure you're prepared and understand what the changes mean for you and your business.

📞 If you'd like a no-obligation quote, get in touch with the Talking Numbers team on 0141 611 1834.

❓And if you have any further questions about Making Tax Digital, drop us a message – we're always happy to help.

21/07/2026

𝐌𝐓𝐃 𝐐&𝐀 𝐒𝐞𝐫𝐢𝐞𝐬 - 𝐎𝐧𝐥𝐲 2 𝐰𝐞𝐞𝐤𝐬 𝐭𝐨 𝐠𝐨 𝐮𝐧𝐭𝐢𝐥 𝐟𝐢𝐫𝐬𝐭 𝐬𝐮𝐛𝐦𝐢𝐬𝐬𝐢𝐨𝐧𝐬 𝐚𝐫𝐞 𝐝𝐮𝐞 𝐨𝐧 7𝐭𝐡 𝐀𝐮𝐠𝐮𝐬𝐭💡

Q: What period do the quarterly updates cover?

A: Quarterly updates are cumulative summaries of your income and expenses. By default, they line up with the tax year, but you can elect to have them align with the calendar year.

Understanding how quarterly updates work is an important part of preparing for Making Tax Digital.

📞 Not sure which reporting period is right for you? Get in touch with the Talking Numbers team and we'll be happy to help.

15/07/2026

𝐌𝐓𝐃 𝐐&𝐀 𝐒𝐞𝐫𝐢𝐞𝐬💡

Q: Do I still need to submit a Self Assessment tax return?

A: Once you’ve joined MTD, you’ll still need to submit your final Self Assessment return covering the period up until joining MTD. After that, you’ll submit your tax return through your accounting software.

The move to Making Tax Digital doesn't mean your tax obligations disappear overnight. There is a transition period, and it's important to understand what needs to be submitted and when to avoid any confusion.

📞 Need help preparing for MTD? The Talking Numbers team can guide you through the process and make sure you're ready for the change, call us on 0141 611 1834.

10/07/2026

𝐌𝐓𝐃 - 𝐐&𝐀 𝐒𝐞𝐫𝐢𝐞𝐬💡

Q: I'm a company director. Will I need to join MTD?

A: Not unless you have other qualifying income such as property income over the threshold. Limited companies will not have to join MTD.

This is a common area of confusion. Being a company director alone does not mean you'll be brought into Making Tax Digital for Income Tax. However, if you receive other qualifying income, such as rental income above the relevant threshold, you may still be affected.

📞 Unsure whether MTD applies to you? Get in touch with the Talking Numbers team and we'll help you understand exactly what the changes mean for your circumstances.

07/07/2026

𝐌𝐓𝐃 - 𝐐&𝐀 𝐒𝐞𝐫𝐢𝐞𝐬 💡

Q: I use spreadsheets for my bookkeeping. Can I still do this?

A: Yes. You will need to use software known as ‘bridging software’ to allow you to export the data from a spreadsheet into HMRC’s systems. We can advise on how this will work if you don’t want to move onto proprietory accounting software.

Making Tax Digital doesn't necessarily mean giving up spreadsheets. There are options available that allow you to remain compliant while continuing to work in a way that suits your business.

📞 If you're unsure whether bridging software or accounting software is the right choice for you, get in touch and we'll help you find the best solution.

02/07/2026

𝐌𝐓𝐃 - 𝐐&𝐀 𝐒𝐞𝐫𝐢𝐞𝐬 𝐂𝐨𝐧𝐭𝐢𝐧𝐮𝐞𝐝 💡

Q: How much does accounting software cost?

A: It depends. Software can be anywhere from completely free to £60 per month, depending on what you need it to do. We have access to wholesale discounts with most software, and we can give you advice on the best software for your circumstances.

Making Tax Digital is bringing software into the spotlight for many businesses but choosing the right option doesn't have to be complicated. We're here to help you find a solution that fits your needs and budget.

📞 Get in touch with the Talking Numbers team 0141 611 1834 for Support with your Making Tax Digital Transition

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!

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