27/03/2025
Over the coming weeks all self-employed individuals and landlords registered for self-assessment will receive a letter from HMRC outlining the upcoming changes to filing requirements as the move to Making Tax Digital looms closer.
Figures on your 2024/25 tax return will determine the date you will be part of the new regime and this could be as soon as April 2026 so it is key to get this information correct and submitted as soon as possible to give you plenty of time to plan.
The key changes will be the requirements to maintain digital accounting records and make quarterly submissions of income and expenditure to HMRC but my governing body have created a helpful article and video which explains in greater detail.
If this is something you will need support with please reach out so we can discuss it further.
ICAEW's Tax Faculty sets out the key things taxpayers and agents need to know about Making Tax Digital (MTD), including the timeline for the phased introduction of MTD for income tax.