Making Tax Digital
Making Tax Digital
For years, sole traders and landlords have followed the same annual routine for filing tax returns. They would gather their accounts information, file their tax return, and go back to business as usual. But with these new changes, the yearly rhythm is about to change.
This change in government rules, Making Tax Digital (MTD) begins in April 2026. This is only relevant to those who are earning over £50,000 from self-employment or from letting out property. Then April 2027, the earnings threshold falls to £30,000 which will add many more people into the system.
If your accountant has yet to bring this up, now is the time to check in. Getting ahead of this change and being prepared for it will make all the difference when the MTD change is introduced.
Quarterly Tax Reporting Is Here — Are You Prepared?
The time of only having to file your tax return once a year is coming to an end. With MTD, you’ll need to keep digital records for your business and submit quarterly tax returns to HMRC using compatible software. This will then be followed up by a final declaration at the end of each tax year.
Though this may sound like a burden, there are real benefits of Making Tax Digital, especially for those who are willing to embrace this change.
Real-Time Insight, Smarter Decisions
By recording income and expenses more frequently, quarterly rather than yearly you will have cleaner and more up to date financial information at your disposal. This allows you to make smarter business decisions for example, adjusting pricing, planning for your tax bill and spotting financial trends before they can cause an issue.
It also gives you the opportunity to work on your business and not just work in it. It allows you to step back from day-to-day work and look at the bigger financial picture. For many business owners this is long overdue as it gives them an opportunity to take control of their finances, instead of playing catch up each year.
If bookkeeping isn’t your strength or you don’t have time to carry it out then this is an ideal time to hire a bookkeeper or consult with an accountant about managing your digital records and quarterly returns. This is their area of expertise so you can trust that everything is being handled correctly for your financial affairs. They can also provide you with advice which could potentially help your business grow and reach the next level.
Will You Be Affected?
For the introduction of MTD in April 2026, HMRC will look at your turnover from self-employment and UK or overseas property. If that combined total income crosses the £50,000 threshold in the 2024–25 tax year, you must comply with MTD from April 2026.
For example, if you earn £28,000 from letting out a property and another £23,000 from self-employment, your total qualifying income is £51,000 and you’ll be expected to switch to MTD in April 2026 as you are above the threshold.
Though not all income will count towards this figure. Income from employment, dividends, pensions, or partnerships will not apply towards this £50,000 figure. And if you co-own a rental property, only your share of the income will be considered towards the £50,000 figure. Though still many people will be over this threshold without even realising it.
How to Get Ready
- Check your self-employment & rental Income: Are you close to or over £50,000 threshold?
- Talk to your accountant: They can check if you will need to comply and from when
- Get the right software: You’ll need the correct MTD-compatible tools to submit quarterly reports.
- Update your systems: Switch from paper or spreadsheets to digital bookkeeping.
Final Thoughts
Making Tax Digital is a big change, but it can also be an opportunity for you to take control over your finances. By starting to prepare now and familiarise yourself with the right digital tools for this change you can help avoid last minute stress and errors.
Don’t wait for HMRC to reach out, consult with your accountant now and make a plan that suits your needs. With the right support, this transition can be smooth and even make managing your taxes easier in the long run.
You don’t have to do it all yourself. But you do have to get started.
* This article is for general information only. You are recommended to seek professional advice before taking action on the basis of the contents of this article.
Cookstown Students Win Prestigious Innovation Award
Cookstown Enterprise congratulates Luke and Daniel from the Cookstown High School from the “Trail Talk Project” who won the Aer Lingus Future Innovations Award at the Stripe Young Scientist & Technology Exhibition 2026 in Dublin.
The students recently attended a meeting of the Board of Directors of Cookstown Enterprise, where they demonstrated their award‑winning work. Board members were impressed by the innovation, technical knowledge, and entrepreneurial spirit showcased by both students.
Cookstown Enterprise, is proud to have supported Cookstown High Schools and Luke and Daniel on their journey and encouraged their development as young innovators. We look forward to seeing how their ideas evolve and their contribution to the growing culture of creativity and entrepreneurship within the Cookstown community.
Mr T Wilson (Chair) and Mrs L Kearns (Vice Chair) of Cookstown Enterprise Centre chat with Luke and Daniel.
The Trail Talk Team presented the app to CEC Directors which they developed for this project.
CEC Board of Directors with Miss G Evans Principal, Cookstown High School and Mr R Johnston Head of Technology Cookstown High School.
Cookstown Enterprise Centre
“Your Business Matters”
Date: Friday 06th February 2026
Time: 10am – 12 noon
Location: Cookstown Enterprise Centre
Are you a new or existing business?
Want to avail of our “Business Advice” Drop in Clinic?
Informal, free & confidential.
Discuss your general business matters including topics such as finance options, employment, marketing etc.
Everyone Welcome.
The call for £5k Innovation Voucher applications is now open and closes on Friday 13th February 2026 @ 3pm.
A £5K Innovation Voucher could help you to work with highly respected universities, colleges or research bodies to develop new products, services or processes.
See below the link to the voucher programme details and application form.
Apply for a £5k Innovation Voucher
Cookstown Enterprise Centre recently made its annual Christmas donation to two locally based charities. This year Cookstown Enterprise donated £300 to Ausome Kids Cookstown and £300 to The Talking Newspaper Cookstown. This was in lieu of sending Christmas cards.
Trevor Wilson Chairman of Cookstown Enterprise Centre presents a cheque to Pamela Baxter representing Ausome Kids Cookstown.
L-R Mick McGuckin CEC Director, Jim Eastwood General Manager of CEC, Trevor Wilson CEC Chair, Pamela Baxter Ausome Kids and Peter Cassidy CEC Director.
Trevor Wilson Chairman of Cookstown Enterprise Centre presents a cheque to Moira Shaw and Michael May representing The Talking Newspaper Cookstown.
L-R Elizabeth Kerns CEC Director, Jim Eastwood General Manager of CEC, Trevor Wilson CEC Chair and Moira Shaw The Talking Newspaper.
ABOUT THIS EVENT
This is a FREE in-person Masterclass ‘Understanding HMRC and Tax Returns for New Business Owners’ giving you a clear and supportive guide to understanding your UK tax obligations.
Taxes don’t have to feel overwhelming. Whether you’re newly self-employed or running a small business, learning how to handle HMRC and your tax return is a powerful step toward financial clarity and peace of mind.
This workshop is designed to demystify the world of UK business taxes. You’ll leave feeling informed, organised, and far more confident about what you need to do – and when.
In this workshop, we’ll explore:
- What HMRC actually expects from you
- Key tax terms and what they mean (no jargon, promise!)
- Understanding your Self Assessment tax return
- Allowable expenses and how to claim them properly
- Important deadlines and how to stay compliant
- What to do if you make a mistake or feel behind
- Simple systems to keep your records in order
This isn’t about making you a tax expert — it’s about helping you understand your responsibilities, avoid stress, and keep more of what you earn.
This is for you if:
- You’re a sole trader, limited company director, or freelancer
- You’ve never submitted a tax return — or dread doing it each year
- You want a better handle on what you can (and can’t) claim
- You’d love to feel more in control of your business finances
Join us for a calm, practical session that will take the mystery out of tax and help you feel more empowered in your business.
This Go Succeed workshop is open to all individuals in the early stages of their business, located in the Mid Ulster District Council area and neighbouring Council areas.
Workshop Info
DATE: Wed 5th November 2025
TIME: 10:00AM – 12:00PM
LOCATION: Cookstown Enterprise
BOOKING LINK: https://www.glistrr.com/events/e/understanding-hmrc-and-tax-returns-for-new-business-owners-3586-794
Registration instructions: This event is free for individuals. Please note, your email confirmation and eTicket will come from noreply@glistrr.com, please add this to your list of trusted accounts to prevent information landing in your junk folder.
Please note as this is an in-person event, the registration numbers for this are restricted. Whilst Go Succeed operates across NI, this event is being hosted by Mid Ulster District Council therefore should the event reach capacity and a waiting list is created, priority access will be given to Businesses based in that area.
This workshop is brought to you as part of Go Succeed NI. Go Succeed represents a significant investment in local entrepreneurs and businesses, funded by the UK Government.
Enterprise Week returns for 2025 from 17-21 November.
A series of 14 free in person and virtual events under the theme of ‘Vision, Impact, Lead’. You can view programme details and book via the registration links below.
Date/Time |
Enterprise Week Webinar |
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| Monday 17 November 9.30am arrival (Breakfast served) 9.50am start – 12.00pm CAFRE, Cookstown |
Power Up Mid Ulster: Grants, Growth & Guidance Join Donna Traynor for this event that brings together leading business support organisations under one roof. This is your |
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Monday 17 November 12.30pm – 1.30pm |
Inclusion in Action: Small Tweaks, Big Difference Join the Mid Ulster Labour Market Partnership webinar as this discussion unpacks what “reasonable adjustments” really mean, and how employers can bridge the divide between intention and inclusion. |
| Monday 17 November 1.30pm – 2.30pm Virtual Speaker: Digital 24 |
SEO Secrets for Small Business Turn clicks into customers by discovering the essentials of getting found on Google, from |
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Tuesday 18 November |
Planting the “Seed”: A Journey of a Young Entrepreneur Inspiring story from local ‘young’ entrepreneur Stephen Beaddie with an educational discussion. *Please note this event is invite only. |
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Tuesday 18 November |
NI Chamber Net working Event A unique opportunity to grow your professional network and gain fresh insights from leaders beyond your own industry. |
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Tuesday 18 November |
The Numbers That Matter: Understanding Your Business Finance Without the Jargon This practical session will break down the essentials of financial management in plain English. |
| Tuesday 18 November 1.30pm – 2.30pm Virtual Speaker: Tadhg Hickey, AICC |
AI: The Rules of the Game: Navigating Compliance, Governance & Legislation in the Age of Automation Join us for expert guidance on navigating compliance, governance, and legislation in the Age of Automation. New legislation, ethical standards, and governance requirements are emerging at speed, and the stakes for getting it wrong have never been higher. |
| Wednesday 19 November Glenavon House Hotel, Cookstown |
MEGA Annual Directors’ Breakfast* An exclusive event bringing together industry leaders to discuss the future of manufacturing & engineering. *Please note this event is invite only. |
| Wednesday 19 November 9.30am – 10.30am Virtual Speaker: Lara Goodall |
Beyond the Pass: Niall McKenna’s Culinary Journey Join us for Beyond the Pass: Niall McKenna’s Culinary Journey, a unique online session spotlighting the professional story of one of |
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Wednesday 19 November |
Cracking the Code: How to Make Your Business Go Viral In this practical and inspiring webinar, two experienced marketers who’ve created viral |
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Wednesday 19 November |
LMP Job and Apprenticeship Fair Looking for work, a career change, or |
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Thursday 20 November |
Beyond Business: Journeys & Wisdom from Women Entrepreneurs Join well known broadcaster Lynette Fay and guests (local women entrepreneurs), as they |
| Thursday 20 November 10am – 12pm Virtual |
Go Succeed Grow: Creating your Digital Marketing Plan for 2026 Get ready to start your digital marketing plan for 2026 – this session will help you create a |
| Thursday 21 November 1.30pm – 2.30pm Virtual Speaker: Brendan McGurgan |
The Scaling Mindset: Lessons on Leading with Vision & Impact Drawing on his experience of scaling businesses internationally, Brendan will share the mindset, skills and strategies needed to |
| Friday 21 November |
Mid Ulster Enterprise Week Prize Draw If you attend any of our events, your name will automatically go forward into a prize draw with the opportunity to win some great prizes. The more events you attend, the more opportunity you have of winning a prize! Winners will be announced on Friday 21st November 2025.
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Take part in the NI Enterprise Barometer and have the chance to win a £250 voucher for Elephant Rock Hotel
There’s still time to take part. The survey only takes 10–12 minutes, and by completing it you will help shape the future of enterprise support in Northern Ireland, make sure local business voices are heard at policy level and have the chance to be entered into our prize draw as a thank you for your time.
Complete the survey and be in with a chance to win a £250 Voucher for the Elephant Rock Hotel!
Don’t miss your chance to share your experience – and win!
Digital Transformation Flexible Fund
Call 6 of the Digital Transformation Flexible Fund (DTFF) is now open for expressions of interest
DTFF supports small and micro businesses in Northern Ireland to invest in advanced digital technologies.
The fund offers grants of £5,000 to £20,000, covering up to 70% of eligible project costs, to help businesses adopt transformative technologies.
You can submit an expression of interest (EOI) to the DTFF to let them know you’d like to apply.
They will review your EOI and, if you meet the eligibility criteria, invite you to submit a full application.
Find out if you’re eligible: https://dtff.co.uk/apply-now/eligibility/
The deadline for Call 6 EOIs is 12 noon on 24 October 2025
GO SUCCEED NI workshops
These FREE workshops cover a variety of topics to help you on your business journey, get registered now!
For the full list of upcoming events go to https://go-succeed.com/events/