24/02/2025
Get ready for MTD for Income Tax for sole traders and landlords, coming into force Apr 2026, I would get the ball rolling Apr 2025, so you are ready and ahead, and no how to use digital software.
Currently you submit once a year, for those who have a turnover of £50,000 (reduces to £30,000 Apr 2027), will be required to submit 5 times a year, 4 of the quarterly returns of income and expenses and then the final year end return.
You will need to keep digital records and use a MTD compliant software. Personally I prefer Xero software, however there is lots of software on the market.
Not sure if this applies to you, HMRC will be writing to all of those customers whose self assessment tax returns from 2023 to 2024, show income close to or over the £50,000
