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Home > Money Box > Making Tax Digital and Savings Rates


	Podcast:		Money Box
	Episode:		Making Tax Digital and Savings Rates
	Category:		Business
	Duration:		00:25:03
	Publish Date:		2026-01-31 00:01:00
	Description:		"A big change" - that's how HMRC has described a major transformation starting in April, which affects the way sole traders and landlords report their income and expenses. The tax office has told Money Box that self assessment has to be modernised to reduce errors and allow them to collect more of what's owed to the Treasury. It's called Making Tax Digital and this first wave is going to affect about a million people who have a turnover above £50,000 a year. At the moment, self-employed people put the details of their business accounts into their tax return once a year on the Government's own website or on paper. But from April the new system will force them to use commercial software which sends quarterly summaries to HMRC and then repeats all that information in their end of year tax return to which they must add any other taxable income details. We'll speak to HMRC about that. According to the financial data firm Moneyfacts, since the Bank of England cut the interest rate to 3.75% in December around a third of providers have dropped their rates on their savings products. Where are the best deals? As energy prices rise, there's a warning about the scammers trying to trick you into giving away your data. And new research suggests only 1 in 4 people know about a big change coming for pensions and inheritance tax. We'll answer listener questions. Presenter: Felicity Hannah Reporter: Dan Whitworth and Jo Krasner Researcher: Eimear Devlin Editor: Jess Quayle (First broadcast 12pm Saturday 3rd January 2026)
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