Phase 1 of HMRC’s new Making Tax Digital (MTD) for Income Tax Self Assessment is just days away – and now is the time to get prepared. Here’s what you need to know, and how we can help you stay one step ahead.
Who will be affected?
From 6 April 2026, MTD will apply to sole traders with a combined gross income of £50,000 or more from self-employment and property. The scheme will expand further, with thresholds reducing to £30,000 from April 2027 and £20,000 from April 2028. HMRC will assess your eligibility based on your latest tax return and notify you when you need to comply.
What’s changing – and what do you need to do?
If you fall within MTD, you’ll need to:
- Keep digital records of your income and expenses
- Submit quarterly updates to HMRC using approved software
- Complete an End of Period Statement for each business or property
- Submit a Final Declaration to confirm your annual tax position
If this sounds like a big shift – that’s because it is. But you don’t have to handle it alone.
How we can help
We specialise in making MTD simple and stress-free. From choosing the right software to fully managing your compliance, we’ll ensure everything is set up correctly and running smoothly from day one.
Our team will:
- Recommend and implement the right MTD-compliant software for your business
- Keep your records accurate and fully compliant
- Handle your quarterly submissions on time, every time
Want to take it a step further? Our dedicated bookkeeping team can manage everything for you each quarter – giving you complete peace of mind and more time to focus on growing your business or property portfolio.
Ready to get ahead of MTD?
Don’t wait until the deadline catches you out. Get in touch today and let us take the pressure off. Simply click the button at the top of this page to book a call with one of our advisors.