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Following on from our introduction to Making Tax Digital blog, we’ve answered some of the most common questions we have been asked. Take a look at our FAQ’s below:

How is the £50,000 threshold calculated?

The £50,000 threshold is the combined income from your self-employed business and any rental properties you have; both at home and abroad – It is not based on profit but gross turnover. E.g:

My total income is below £50,000 does that mean I don’t need to do anything?

There is good and bad news on that one! You will not have to register at 06/4/26, but there is a sliding scale so you may need to register a year later.

I like just bundling up all my receipts and taking them to my accountant, can I still just do that?

You absolutely can but rather than once a year you will have to do this more frequently. For example, your accountant might agree for you to drop your records off monthly, to ensure they have time to process them and get the profit summary submitted to HMRC by each quarter’s deadline. The amount of input required by your accountant will be dependent on the fee charged.

I have multiple self-employments. Will I need to upload for each of them each quarter?

In theory yes, but software is likely to be able to submit multiple different self-employments at the same time.

I have multiple properties will I need to submit each of those separately each quarter?

No – you will only need to submit a total for all UK properties combined. If you also have non UKproperty income, you will need to submit a total for those – again, we anticipate that software will be able to submit those combined, without having to make multiple submissions.

What does keeping records in a digital format mean?

In essence it means keeping everything on a computer. A spreadsheet may be sufficient but it will need to be in a set format, which GLX will share with you in advance. The majority of cloud software such as Xero and QuickBooks should also be compliant. We highly recommend you engage with your accountant so you can decide together on a solution that is cost effective and as hassle free as possible for you.

I already have Xero and update it every month, so is there anything I need to do?

Xero have confirmed that all their products will be MTD compliant so the good news is you can continue to keep your records in pretty much the same way. You will need to submit quarterly, so just set calendar reminders to ensure these are filed and you should be sorted. You will need to register for the first quarter and your accountant should be able to help you with that if needed.

Will there be any fines for non-compliance?

HMRC have announced there will be fines for non-compliance and they will operate in a similar way to the penalties for non-submission of current taxes. The easiest way to avoid these is to make calendar notes to remind yourself when you need to file, and to have a robust system in place to allow you to comply with the requirements.

How long do I get to file?

There is a full breakdown in our ‘Introduction to Making Tax Digital’ Blog, but in essence you have just over a month to file from the end of every period.

HMRC have written to me saying I may have to register. Do I need to do anything now?

HMRC have written to you because your combined turnover was more than £45,000 on your 23/24 tax return, the year that really matters is 24/25. As a firm we will be contacting any clients who will have to register once we have filed their 24/25 return. This is another reason to get your tax return completed as early as possible, so you know if you will be required to have everything in place by 06/4/26 or whether you have another year or two.

Even if you are not caught under the new MTD for Income Tax regime, you may find the time saving of keeping records digitally might mean getting a digital system in place before you are mandated to is a good idea.

If you have any other questions about making tax digital, please contact us and we would be delighted to chat through your options with you.

It seems that HMRC have been talking about Making Tax Digital for a long time and, in fact, it was ten years ago it was first announced. What followed was a number of delays, but it has been confirmed that this is finally happening! 

You may even be reading this blog because HMRC have sent you a letter saying you might be required to register from 6 April 2025. A lot has become clearer with regards to what this will involve, and GLX are here to keep you up to date with any further developments.

So ‘What do you need to do?’ The first thing is to not panic; you may already have systems in place that will be suitable, and even if you do not then we have a year to work out the right solution for you. The important thing is to engage with your accountant and work with them to find the easiest and best solution for you.

If you already have a self-employed business or are a landlord, and are below the VAT threshold, you will be very used to only having to submit a tax return to HMRC once a year, with a January deadline. 

Maybe currently you are someone who uses software to quickly and efficiently complete your record keeping in a few minutes on a Friday afternoon before then having the weekend to enjoy family life, or maybe you are the sort of person who just drops off a shoe box full of receipts to your accountant once a year! The great news, in both scenarios, is you are currently keeping records in line with HMRC requirements (and we love working with you equally)!

However, from 6th April 2026 businesses who have combined self-employed and rental income of £50,000 (That is the total amount of receipts, before any expenses; not profit) will have to submit an update of the year to date profits, every quarter, in an electronic format to HMRC. This will need to be made within a month and 7 days of the period end, as well as a final statement by 31 January the year after. 

The essential requirement of MTD is that businesses must maintain their records in a digital format. This can include compatible software or spreadsheets. Maintaining records in paper format ceases to meet the legal requirements.

The first year will look a little something like this:

1. Submission 1 – Quarter: 1 April 2026 – 30 June 2026

2. Submission 2 – Quarter: 1 April 2026 – 30 September 2026

3. Submission 3 – Quarter: 1 April 2026 – 31 December 2026

4. Submission 4 – Period: 1 April 2026 – 31 March 2027

5. Final Submission (Year-End Report): 1 April 2026 – 31 March 2027

As you can see you will have this will mean that you have to submit information to HMRC much more regularly. By working with your accountant to ensure you have the right system in place, that works best for you, should minimise the hassle of this and there are a number of benefits to this;

You will have much better year to date figures than just doing it at the end of the year. This means your accountant can project tax liabilities further ahead meaning you never have a nasty shock when January comes round. Secondly, if ever asked to provide estimated figures for financing or other purposes you will have these to hand. Finally, by submitting quarterly you are not creating more work, but splitting it over the year, hopefully meaning less stress overall.

Ultimately, working closely with your accountant we aim to make this transition as smooth as possible. 

We will be posting a number of blogs in the following months as the final details are announced to ensure you are kept fully up to speed, and if you are an existing client we will contact you during the preparation of the 24/25 tax return to let you know if you will need to join in April 26 and to get all the building blocks in place to ensure complying with Making Tax Digital is stress-free.

If you have any queries around Making Tax Digital or would like to know more about how GLX can help you, contact us today.

Q: How flexible is the outsourced Finance Director role? 

A: For many businesses, especially growing SMEs, flexibility in financial leadership is crucial — and this is where outsourcing shines.

An outsourced Finance Director (FD) offers significant flexibility that a full-time, in-house hire simply cannot match. Whether your business requires strategic input for a short-term project or ongoing part-time support, an outsourced FD can be engaged on terms that suit your needs.

This model allows you to adapt your financial management approach without the high cost and long-term commitment associated with full-time employees. It’s a scalable solution — giving you the ability to increase or decrease involvement based on your business’s current stage or challenges.

What adds to the flexibility is the broad range of services that an outsourced FD can provide. These include:

You get high-level expertise tailored to your company’s specific requirements, all while maintaining cost-efficiency and operational agility. Whether you’re navigating growth, restructuring, or preparing for investment, this flexible arrangement ensures your financial leadership scales with you.

If you’re asking “how flexible is the outsourced Finance Director role”, the answer is: very. It’s a solution designed for adaptability — a smart, modern approach for businesses looking to optimise performance without sacrificing control or budget.


If you’d like to explore how an outsourced Finance Director could benefit your business, contact us for a free chat.

Running a business presents unique challenges and effective financial management is crucial for long-term success.

Whilst larger companies may choose to hire an in-house finance director, many businesses cannot justify a full-time, permanent position. This may be due to cost, or simply not requiring this provision on a full-time basis, and this is where we come in…..

Outsourcing the finance director role to GLX can be a game-changer, providing expert financial guidance without the cost and administrative burden of a full-time employee. In this article, we discuss the reasons why businesses should consider outsourcing their finance director role.

Cost-Effectiveness:

Hiring a full-time finance director can be a significant financial burden for businesses. Outsourcing this role allows businesses to access the expertise of a financial professional without the costs and administration associated with a permanent employee. Outsourcing offers flexibility in terms of budget and time, allowing businesses to only pay for the services they need, when they need them.

Expertise and Experience:

Accountancy is a complex field that requires specialised knowledge and experience, especially when considering specific regulations and tax laws. By outsourcing the finance director role, businesses can gain access to a team of professionals who possess a deep understanding of financial strategies, tax regulations and industry-specific financial practices. These experts can provide valuable insights and guidance, helping businesses make informed decisions and avoid costly mistakes.

Time-Saving:

Maintaining a successful finance department can be time-consuming, particularly for business owners who already have multiple responsibilities. Outsourcing the finance director role frees up valuable time, allowing business owners to focus on core operations, strategic planning and growth initiatives. By delegating financial responsibilities to experts, business owners can ensure that their financial affairs are in capable hands, whilst they concentrate on other crucial aspects of their business.

Scalability and Flexibility:

Outsourcing the finance director role to a firm like GLX provides businesses with the flexibility to scale their financial management as needed. During periods of growth or expansion, businesses can easily adjust the level of financial support required by tapping into our team of experts. This scalability ensures that financial management aligns with the changing needs of the business, without the hassle of hiring, training, or releasing employees.

Access to Advanced Technology:

Financial management involves the use of sophisticated software and tools that can be complex for businesses to acquire and maintain. By outsourcing the finance director role, businesses gain access to cutting-edge financial technology without the associated costs. This allows them to leverage advanced tools for budgeting, forecasting and financial analysis, enhancing their decision-making capabilities.

Risk Mitigation:

Financial compliance and adhering to regulatory requirements are crucial for businesses to avoid legal issues and penalties. Outsourcing the finance director role ensures that businesses stay up to date with changing regulations and industry standards. Financial experts can help companies navigate complex tax laws, prepare accurate financial statements and ensure compliance with reporting requirements, reducing the risk of costly errors or audits.

Outsourcing the finance director role can be a strategic move for businesses, providing them with access to expert financial guidance, cost savings and increased efficiency. By leveraging the expertise of financial professionals who understand specific regulations, businesses can focus on their core competencies, drive growth and make informed financial decisions. With the flexibility, scalability and advanced technology offered by outsourcing, companies can gain a competitive edge in today’s challenging business landscape.

To discover how our team at GLX can match you with an outsourced finance director, contact us today on 01603 950300 or email info@glx.co.uk