19/09/2025
🚨⚠️🔊📢 If you're a sole trader and/or landlord with turnover of around £50k in 2024-25, you should already be aware of the changes for submitting tax returns - Making Tax Digital for Income Tax is coming from, 6th April 2026!
You will be required to submit Quarterly tax returns from 2026 (7th Aug, 7th Nov, 7th Feb, 7th May), with a final tax return due as normal by 31st January. They have to be submitted via software. Payments on account are not affected, yet.
If you are not already using software - get prepared now. There are plenty of choices, such as Sage or Xero. Help yourself, and your accountant, by getting familiar with using the chosen software. Ask for advice!
Even if this doesn't directly affect you (ie you run a limited company and are vat registered), it Will impact your bookkeeper/accountant.
This increased workload (particularly with non vat registered sole traders, currently doing annual accounts), will affect their current capacity.
There will be increased pressure to meet more deadlines set by HMRC.
So it's hugely important for every business type to keep their digital accounts up-to-date - at least monthly - to help keep things flowing!
Without All client co-operation (whether you're a sole trader/landlord, or a limited company), the changes will affect their ability to meet all deadlines on time, and fines will be issued by HMRC.
Please - when you read or watch about MTD for income tax - don't just think of your own business situation - think of the impact on your accountant/bookkeeper too!
Thank you 😊 🙏🏻
https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-sole-traders-and-landlords/making-tax-digital-for-income-tax-self-assessment-for-sole-traders-and-landlords #:~:text=Making%20Tax%20Digital%20for%20Income%20Tax%20Self%20Assessment%20(%20MTD%20for,each%20quarter%20using%20compatible%20software.
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