Join us - Friday 29 September 2023

The Business Improvement Summit


Blog

Featuring 'Blog From the Dog

TAGS

Why owner-managed businesses should get on board with making tax digital (MTD)

For many owner-managed businesses, Making Tax Digital (MTD) may feel like just another compliance requirement on an already full to-do list. But here’s the thing: MTD isn’t just about ticking a box for HMRC - it’s about running a smarter, more efficient business.

At Rowdens, we’ve been helping businesses like yours transition to digital accounting systems with minimal fuss - and maximum benefit. Whether you’re a sole trader, run a small team, or oversee multiple revenue streams, embracing MTD can give you the clarity and control you need to make confident decisions.

What is MTD, and who does it affect?

Making Tax Digital is HMRC’s initiative to digitise the tax system, making it more effective, efficient and easier for taxpayers to get their tax right.

  • MTD for VAT is already mandatory for all VAT-registered businesses.

  • MTD for Income Tax Self Assessment (ITSA) is scheduled to begin in April 2026 for many self-employed individuals and landlords earning over £50,000.

If you’re not yet compliant, or still using spreadsheets or manual records, now is the time to get ahead of the curve.

Benefits of going digital now less stress at tax time

No more last-minute scrambles to gather receipts or reconcile accounts. MTD-compliant software automates much of this, which means fewer errors and less hassle.

Real-time financial visibility

See your cash flow, profits and tax liabilities in real time. This means you can make informed decisions when they matter most.

Better business decisions

With clear, up-to-date financial data, you’re better equipped to identify opportunities, spot issues early, and plan for sustainable growth.

Improved accuracy

Digital submissions reduce the risk of human error. Mistakes on VAT returns or tax filings can be costly - both financially and in terms of your time.

Time saved

Automating tasks like invoicing, bank reconciliation and expense tracking frees up time to focus on growing your business.

Rowdens' tips to make your MTD transition smooth
Choose the right software

Not all platforms are equal. We love Xero, the UK's market leading cloud accounting software - it's our preferred choice. As Xero Gold Partners we have the knowledge, experience and expertise to ensure you benefit from the best software on the market.

Xero is incredibly easy to use with intuitive functionality and time saving features as well as being fully HMRC-compliant.

Get expert support early

Don’t wait until the deadline is just around the corner. The sooner you speak to us, the smoother the process will be. We can help you choose the right tools, set up your systems, and train your team.

Keep it simple

You don’t need to digitise everything overnight. Start with the essentials - like tracking income and expenses - and take it from there.

Think beyond compliance

Use this as a chance to improve your overall financial setup. Going digital isn’t just about legal obligations - it’s about efficiency and confidence in your numbers.

Final thoughts

We understand that change can be unsettling, especially when it comes to how you manage your finances. But from our experience, those who embrace MTD early gain more control, save time, and are better prepared for the future.

Making Tax Digital isn’t just about compliance - it’s about giving you the tools to run your business with greater clarity and confidence.

Let’s make the transition together. Whether you need help choosing software, getting set up or managing the process from start to finish - we’re here to support you.

Contact the Rowdens team today and take the first step towards a smarter, digital future.