The deadline is soon approaching for an estimated 860,000 self-employed business owners and landlords to report their income and expenses each quarter. The Government’s Making Tax Digital for Income Tax is effective from 6 April 2026.

It applies initially to those with annual income over £50,000 a year and the deadline is the 7th August 2026 to file a quarterly update. #mtd #makingtaxdigital #hmrc #soletrader #landlord

The Government has announced that MTD for Income Tax Self Assessment will now be introduced a year later, in the tax year beginning April 2024. General partnerships will not be required to join the scheme until the tax year beginning in April 2025. It will be confirmed at a later date when all other types of partnerships will be required to join. Penalties for the late filing and late payment of tax for ITSA will also be delayed until April 2024 and for all other ITSA customers in the tax year beginning in April 2025