Elsby & Co
Helping businesses to thrive in the digital age
Companies daunted by the transformation of the UK’s tax system are being shown how it could help them to thrive by an award- winning team of accountants. The UK government is revolutionising the way businesses
manage and submit their taxes with Making Tax Digital, which requires organisations and individuals to keep digital records and submit their tax returns using HMRC-approved accounting software. To save businesses time, money and unnecessary stress as they
negotiate the dramatic change, tax specialists at Elsby & Co in Rushden are off ering a wide range of support, including training, software advice and the latest guidance about HMRC requirements. Elsby & Co Senior Client Manager James Fairweather said:
“Making Tax Digital has been created to make tax administration more accurate, effi cient and easier for taxpayers but because it’s such a radical overhaul of the tax system it’s giving many organisations a headache.
“However, if businesses partner early on in the process with a
proactive accountancy fi rm like Elsby & Co, the transition can be smooth, cost-eff ective, and even benefi cial in the long run. “Creating better, real-time digital records can help organisations
with their cash fl ow management and forecasting and aid their business decision-making and investment planning. “With our team’s support, they can use the changes they need
to make to be compliant with Making Tax Digital to help them modernise and gain better control over their fi nances.” Making Tax Digital for VAT is already mandatory for all
VAT-registered businesses. Making Tax Digital for Income Tax Self-Assessment (ITSA) will be introduced in April 2026 for self- employed people and landlords with income over £50,000. Making Tax Digital for Corporation Tax will be introduced at a future date, which has yet to be confi rmed. James, who has been with Elsby & Co for five years, said:
“For businesses these changes mean paper records and manual spreadsheets won’t be sufficient any more – they will need compatible, HMRC-approved accounting software. “T e Government’s thinking is that by keeping digital records
throughout the year businesses will save hours previously spent on gathering information at tax return time and this will enable them to spend more time on their business activities, which in turn will drive economic growth.
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