17/03/2025
Sole traders and landlords who have a total income from self-employment and property of over £50,000, in their 2024 to 2025 Self Assessment tax return, will need to use Making Tax Digital for Income Tax from 6 April 2026 (unless you are exempt).
This will require quarterly submissions using an online software rather than just a yearly return required. From April 2025, HMRC will write to customers whose 2023 to 2024 Self Assessment tax return shows their income from these sources was close to, or over, £50,000. This letter will let them know that they may need to use Making Tax Digital for Income Tax.
I will be contacting anyone who received over £50,000 in self employed and or property income in the next week or so. If you are not a client and are needing an accountant to assist with your filings moving forwards then feel free to get in touch today.