Accountants warn clock is ticking

A Shropshire accountancy firm says small businesses that have not started preparing for a major shake-up of tax reporting are now leaving it dangerously late.

Telford-based accountancy firm Turas says the clock is firmly ticking towards the introduction of the new Making Tax Digital (MTD) regime – and many small businesses and landlords could be caught out if they fail to act.

MTD represents one of the biggest changes to the UK tax system in a generation, requiring sole traders, the self-employed and landlords to keep digital records and submit quarterly updates to HMRC using approved software.

From April this year, anyone with a gross income over £50,000 from self‑employment and/or property will be required to keep digital records and submit quarterly updates to HMRC using compliant software.

This assessment is based on the figure submitted on the 2024/25 self-assessment, so even if your income has now dropped, you will still be mandated to enrol from April 2026.

It will then be extended to include those with a turnover of between £30,000 and £50,000 from April 2027 and those between £20,000 and £30,000 in April 2028.

Helen Columb, owner of Turas, said: “We’re speaking to business owners every week who still think Making Tax Digital won’t affect them yet. But the clock is running down fast.

“Those who leave it until the final weeks to start getting ready will face unnecessary stress, rushed decisions and potentially higher costs. The sooner businesses get the right systems in place, the smoother the transition will be.”

Helen said the shift to digital record‑keeping was not just a technical change but a behavioural one. Many small businesses still rely on spreadsheets, paper records or outdated software that will not meet HMRC’s requirements under the new system.

“This isn’t something that can be fixed overnight. Businesses need time to choose the right software, migrate their data and get used to new processes. Acting now means you stay compliant, avoid penalties, and gain better visibility over your finances.

“Our message is clear - don’t wait. If you’re unsure what Making Tax Digital means for your business, now is the moment to get help. The deadline won’t move but your business can get ahead of it.” 

Turas, which is based in Hall Court in Telford Town Centre, started trading in 2013 as Columb & Gosling Accountants.  It changed its name to Turas Accountants five years ago under Helen’s leadership.

It now works with clients across the country covering VAT, company accounts, bookkeeping and payroll. It specialises in e-commerce, helping clients who have online businesses using marketplaces such as Amazon, eBay and Etsy. 

Pictured:  Helen Columb of Turas Accountants