The Rules are changing. Are you up to date?

As you may be aware, from April 2026 HMRC are introducing Making Tax Digital (MTD) for Income Tax for individuals with an annual business or property income (turnover) of more than £50,000 reported on their 24/25 tax return.

This will require you to keep digital records of your sole trade/property income and expenses and then submit a digital return showing your profit (or loss) for each quarter; and then one final submission showing the year as a whole.

Everyone in MTD will be expected to send in submissions for the same standard quarters. These will be the quarters ended 31st March, 30th June, 30th September and 31st December. The submissions will need to be made by the 7th May, 7th August, 7th November and 7th February respectively.

From April 2027 the threshold will be an annual business or property income (turnover) of more than £30,000 reported on their 25/26 tax return.

Concerned about how this may impact you and your business?

Contact us.