Making Tax Digital reporting will apply in respect of Income Tax for the self-employed and landlords with gross incomes of £50,000 or more from April 2026 and those with gross incomes exceeding £30,000 from April 2027.
Those with incomes of £20,000 or more will also be required to follow the same rules from April 2028.
This will require these taxpayers to record their income, report and submit information digitally on a quarterly basis using HMRC-compliant software or a suitable bridging solution, as well as an annual return, similar to the current Self Assessment process.
Taxpayers must keep up to date with MTD for Income Tax, as they could face fines or penalties if they do not comply in the future.
Our team has prepared a helpful guide, which is packed with information on the various stages of Making Tax Digital and what you may need to report.
As the Making Tax Digital initiative continues to progress through its various stages, we are on hand to assist you with any queries or questions that you may have.
To arrange a Making Tax Digital consultation with our team, please contact us.
We can also support you with all the general aspects of running a business, including payroll, bookkeeping, management and annual accounts and audits.
For further details or to arrange a free, no obligation meeting, please contact a member of our team.
