21/03/2025
The self employed that had income of more than £50,000 in the year to 5th April 2024 can soon expect to receive a letter from HMRC advising that they will likely be required to submit digital quarterly returns commencing with the year from 6th April 2026. This will possibly require changes in the way that records are kept in future and the aim is to give a chance to make the necessary changes in the year leading up to this new regime. It will also apply to people with property income in excess of £50,000 or property and self employed income together that exceeds £50,000. The HMRC scheme is Making Tax Digital or MTD for short.
If you get such a letter and require any advice please get in touch.
