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Ep 324: Making Tax Digital - Do you know where you stand?
For MTD advice and to ensure compliance, contact Azets here: https://hubs.la/Q04dwtwK0 Making Tax Digital for Income Tax: What UK Doctors Need to Know (MTD for Income Tax 2026) The Medics' Money podcast discusses Making Tax Digital for Income Tax (MTD for Income Tax), described as the biggest UK tax filing change for doctors since the late 1990s, with guests Adrian Cousens and Anita Holmes from specialist medical accountants Azets. They explain that from 6 April 2026, individuals with over £50,000 of combined qualifying turnover (sole trade/self-employment and rental income, based on 2024/25) must keep digital records using HMRC-approved software and submit four quarterly updates plus a final annual return, with the first quarterly deadline on 7 August 2026. Partnerships (including GP partnerships) and limited company income are not initially in scope, but GP partners may still be affected by outside sole trade or rental income; thresholds later drop to £30,000 and then £20,000. Key advice is to prepare early, consider moving from spreadsheets to software, manage new deadlines, and seek specialist advisor support. 00:00 MTD Big Change Intro 01:00 Meet The Experts 02:50 What Is MTD for Income Tax 03:51 Why Act Now 05:29 Beta Lessons And Wins 07:50 Who Is In Scope 11:18 Key Dates And Deadlines 11:50 Digital Records And Software 13:27 Quarterly Updates Explained 14:16 Not Ready Soft Landing 16:25 Pain Points And What To Report 21:07 Accountant Roles And Packages 22:52 Thresholds Future Scope Rules 27:04 Final Advice And Wrap Up
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