Making Tax Digital
Making Tax Digital for Income Tax in Market Harborough.
A significant change for UK sole traders and landlords, coming in over the next year or so. Sternal Finance helps you get ready, and then keep up with it.
Who it's for
This is for sole traders and landlords who need to get ready for Making Tax Digital for Income Tax, and then comply with it. It is a significant change in how income tax records are kept and how updates reach HMRC, and it is coming in over the next year or so.
The practice is based in Market Harborough, Leicestershire, and the same support is offered in Northamptonshire and across the UK. It sits beside bookkeeping. It is not part of the monthly bookkeeping fee.
What's included
The work is practical. Records are kept digitally, in software that can send information to HMRC, and the regular income tax updates are submitted from those records.
- Help getting ready for Making Tax Digital for Income Tax
- Digital records in compatible software
- Regular income tax updates submitted to HMRC
- Xero, from a Xero partner
The software
Sternal Finance is a Xero partner, and Xero is the software used for this. You keep the subscription in your own name. If the books are also being kept, that work is the bookkeeping retainer, agreed separately.
How it works
There is no fixed price. A short conversation comes first, and the scope is written down before any work starts.
01
A short conversation
Whether you are a sole trader or a landlord, and whether you already keep records in Xero. The enquiry form is enough to start.
02
A fixed scope
Get in touch to discuss it. What is included, and the fee, are agreed in writing after that conversation. Nothing starts before then.
03
Digital records
The records are set up in Xero, so the updates are drawn from the ledger rather than assembled by hand.
04
The regular updates
The income tax updates are submitted to HMRC from those digital records.
How fees work
There is no fixed fee. Get in touch to discuss it. The scope and the fee are confirmed in writing before any work starts. This is not included in the monthly bookkeeping retainer.
Why Sternal Finance
Jonathan Sternal is CIMA qualified (ACMA CGMA). Sternal Finance is a Xero partner, based in Market Harborough, and works with sole traders and landlords across the UK.
If this is the change you need to prepare for, get in touch to discuss it.
Common questions
What help do you offer with Making Tax Digital for Income Tax?
Help getting ready, keeping digital records, and submitting the regular income tax updates to HMRC. The records are kept in compatible software. Sternal Finance is a Xero partner, and Xero is the software used for this.
Who is this for?
UK sole traders and landlords. It is a significant change, coming in over the next year or so. The practice is based in Market Harborough and works with clients across the UK.
Is there a fixed price?
No. Get in touch to discuss it. The scope and the fee are agreed in writing before any work starts. It is not part of the monthly bookkeeping fee.
Does this replace bookkeeping?
No. Bookkeeping keeps the ledger. Making Tax Digital for Income Tax is the digital records and the regular updates to HMRC. The two can sit together, and the income tax work is agreed on its own.