Companies daunted by the transformation of the UK’s tax system are being shown how it could help them to thrive by an award-winning team of accountants.
The UK government is revolutionising the way businesses manage and submit their taxes with Making Tax Digital, which requires organisations and individuals to keep digital records and submit their tax returns using HMRC-approved accounting software.
To save businesses time, money and unnecessary stress as they negotiate the dramatic change, tax specialists at Elsby & Co in Rushden are offering a wide range of support, including training, software advice and the latest guidance about HMRC requirements.
Elsby & Co Senior Client Manager James Fairweather said: “Making Tax Digital has been created to make tax administration more accurate, efficient and easier for taxpayers but because it’s such a radical overhaul of the tax system it’s giving many organisations a headache.
“However, if businesses partner early on in the process with a proactive accountancy firm like Elsby & Co, the transition can be smooth, cost-effective, and even beneficial in the long run.
“Creating better, real-time digital records can help organisations with their cash flow management and forecasting and aid their business decision-making and investment planning.
“With our team’s support, they can use the changes they need to make to be compliant with Making Tax Digital to help them modernise and gain better control over their finances.”
Making Tax Digital for VAT is already mandatory for all VAT-registered businesses. Making Tax Digital for Income Tax Self-Assessment (ITSA) will be introduced in April 2026 for self-employed people and landlords with income over £50,000. Making Tax Digital for Corporation Tax will be introduced at a future date, which has yet to be confirmed.
James, who has been with Elsby & Co for five years, said: “For businesses these changes mean paper records and manual spreadsheets won’t be sufficient any more – they will need compatible, HMRC-approved accounting software.
“The Government’s thinking is that by keeping digital records throughout the year businesses will save hours previously spent on gathering information at tax return time and this will enable them to spend more time on their business activities, which in turn will drive economic growth.
“Businesses will also need to make their submissions quarterly, rather than annually, which the government hopes will bring the tax system closer to real-time reporting and help businesses to stay on top of their finances.
“All this means businesses will have to adapt to new digital workflows and possibly retrain their staff or even outsource the work.
“Making Tax Digital is being introduced in stages but even those organisations which haven’t been impacted by the change yet should start preparing now to avoid last-minute stress and potential penalties.
“By starting to prepare now they will give themselves time to streamline their processes, choose the right software for their business and take the opportunity to get used to it.”
Elsby’s expert team is helping organisations to select and set up the right Making Tax Digital-compatible accounting software for their business and is training business owners and their staff to use the new systems confidently and efficiently.
It will make sure businesses’ records are accurate and ready for Making Tax Digital whether firms want Elsby & Co to handle their bookkeeping and digital record management or just want it to support their team.
Its team also ensures that firms’ quarterly tax submissions to HMRC are accurate and made on time to give businesses peace of mind.
James added: “As a local accountancy firm, we understand the challenges small and medium-sized businesses face which means we can help them every step of the way with Making Tax Digital.
“We are here to guide businesses through these changes and will make the process as simple and beneficial as possible for them.
“As Making Tax Digital evolves, we will ensure that we stay on top of any changes that emerge so that we can keep our busy clients up to date with all the latest developments.
“The bottom line is Making Tax Digital is here to stay and it doesn’t have to be overwhelming – it can be a great opportunity for businesses.
“With the right preparation, and our support, businesses can not only stay compliant but thrive in the digital age.”
Companies which want to find out more about Elsby’s services and how its team can help them with Making Tax Digital can email help@elsbyandco.co.uk or call 0330 053 9189. Find out more on the Elsby & Co’s website here.
