11/04/2026
📢 Making Tax Digital (MTD) for Income Tax Self Assessment – What You Need to Know!
Big changes are coming from HMRC and it’s important you’re prepared. Here’s a full breakdown:
📅 WHO IS AFFECTED & WHEN?
✅ April 2026 – Sole traders & landlords with income over £50,000
✅ April 2027 – Sole traders & landlords with income over £30,000
✅ April 2028 – Those with income over £20,000
📋 WHAT DO YOU NEED?
🔹 Compatible software – HMRC-approved digital accounting software (such as QuickBooks, Xero or FreeAgent)
🔹 Digital records – All income and expenses must be recorded digitally throughout the year
🔹 MTD registration – You’ll need to sign up with HMRC before your start date
🗓️ YOUR NEW SUBMISSION SCHEDULE:
Under MTD you’ll submit 6 times per year:
📌 QUARTERLY UPDATES (4 per year)
A summary of your income & expenses every 3 months:
➡️ Quarter 1 (Apr–Jun) – Deadline: 5th August
➡️ Quarter 2 (Jul–Sep) – Deadline: 5th November
➡️ Quarter 3 (Oct–Dec) – Deadline: 5th February
➡️ Quarter 4 (Jan–Mar) – Deadline: 5th May
📌 END OF PERIOD STATEMENT (EOPS)
An annual confirmation of your total figures – due by 31st January following the tax year end
📌 FINAL DECLARATION
Replaces your current Self Assessment tax return, confirming all income sources for the year – also due by 31st January
⚠️ Missing a submission could result in penalty points and fines from HMRC.
💡 At Al Tax Ltd, we’re already helping our clients get set up and stay compliant. Whether you need help choosing software or want us to manage everything — we’ve got you covered.
📞 07711 019686
📧 [email protected]
🌐 al-tax.co.uk
Trusted accountants in Barkingside, Ilford — AL-TAX LTD offers tax, bookkeeping & business support for SMEs & contractors. Get local, expert advice today.