MTD - Is HMRC Trying To Catch You Out?

Making Tax Digital (MTD) is about to change how electricians and sole traders report their taxes to HMRC. If you're self-employed, running your own electrical business, or earning money from side jobs, the days of stuffing receipts in a shoebox and handing them to your accountant two weeks before the tax deadline are coming to an end. Under Making Tax Digital for Income Tax, many sole traders will need to keep digital records and submit quarterly updates to HMRC using approved accounting software. MTD reporting begins with sole traders earning over £50,000, but the threshold will soon drop — bringing many more electricians and tradespeople into the system. In this episode of eFIXX TV, we’ll be picking over the books to find out exactly what Making Tax Digital means for electricians and other trades: ⚡ Who MTD affects ⚡ What counts as qualifying income ⚡ How quarterly reporting to HMRC will work ⚡ Whether spreadsheets still comply ⚡ And how to stay on the right side of the tax rules Joining us to help explain everything are: Heather Naylor – Accountant at Stirk Lambert Elaine McManus – Accounting software specialist from Xero If you're an electrician, sole trader, contractor, or running a side hustle, this is one tax change you need to understand.