SJCM Accountancy

14/08/2026

The LHoFT thank you so much 🙌 🤩

13/07/2026

Are ISA’s becoming taxable? 🙋‍♀️

Answer below 👇

Are ISAs Becoming Taxable?

21/05/2026

Well well well isn’t it about time 👏

Mileage rate increased to 55p for the first 10,000 miles per year from April 2026.

It’s been the same 45p a mile for the past 15 years 🤯

15/04/2026

‘Can my accountant handle MTD for me?’ 🙋‍♀️

Yes, most accountants, bookkeepers and tax advisors will be offering an in house based solutions but do check with yours 😊

At SJCM Accountancy we currently have two offerings available:

1. Client-led (client submits quarterly updates) with little guidance, just pointers in the right direction and we then complete the MTD tax return and prepare the annual accounts as we usually would

Or

2. Practice-led (we submit the quarterly updates) and we submit the MTD tax return and prepare the year end accounts as we usually would.

Some advisors will be offering a middle ground whereby the client does most of the bookkeeping but asks the advisor to finish / submit 😊

Check with your advisor if they haven’t already made contact and if in doubt, we are always happy to help 🙌

14/04/2026

‘Cash or accruals basis for MTD?’ 🙋‍♀️

The cash basis, meaning when money is received or spent, rather than invoice dates, is the default for MTD but the accruals basis can be selected if preferred 🤔

Whichever method is chosen, it must be consistent, tax payers cannot switch form one method to the other 🙂‍↔️

Ask your advisor for help with this if you are unsure 😊

13/04/2026

‘How do landlords account for joint income on their MTD submissions?’ 🙋‍♀️

Well the good news is there is a specific easement for joint landlords ~ watch to find out more 😜

And remember it’s only YOUR share of the rental income which you need to declare on your MTD returns 😊

11/04/2026

‘Can HMRC open enquiries into a quarterly submission?’ 🙋‍♀️

Quarterly updates do not give HMRC new enquiry powers, as they can not use this as evidence in its own right, however, HMRC can request access to the quarterly returns to refer back to in terms of an investigation on your tax return submission 🙌

11/04/2026

‘What if I am enrolled to MTD in 2026/27 but no longer meet the requirements or my income falls below the threshold?’ 🙋‍♀️

Unless you have disposed of your property or ceased trading therefore existing conditions, there is a three-year rule. The three-year rule states that the taxpayer must be below the total qualifying income requirements for 3 tax years before being able to exit MTD 🙌

09/04/2026

‘What if I make a mistake in an MTD quarterly update?’ 🙋‍♀️

You can correct it in a later submission or during the final declaration 🙌

You do not need to submit an amendment for the mistake 💭

Quarterly updates will be cumulative, so if an error is discovered in a previous submission, it can be corrected the following quarter 🙌

You will also need to correct the underlying digital records ☑️