If you are a sole trader or landlord in the UK, there is a good chance you have already received emails, software alerts, or HMRC letters about Making Tax Digital for Income Tax (MTD for IT). And for many taxpayers, the first reaction has been: “What exactly am I supposed to do now?” Since April 2026, […]
Most UK business owners think Making Tax Digital (MTD) just means switching from spreadsheets to software and submitting tax updates online. It sounds straightforward to enter your numbers, click submit, and you’re done. But in reality, it’s not that simple. Making Tax Digital for Income Tax changes how you manage your finances throughout the year, not just at tax time. It expects your
MTD Is Not Just Digital Filing: The Real Challenges UK Businesses Are Still Overlooking Read More »
If you jointly own a rental property, you may already be splitting the income and declaring it each year. On the surface, it seems straightforward. However, with the introduction of Making Tax Digital, the way rental income is recorded and reported has changed in a way that many landlords are still adjusting to. Under Making Tax Digital for
Joint Rental Income Under MTD: How HMRC Expects You to Split and Report Earnings Read More »
If you’re a sole trader or landlord in the UK, the shift to making tax digital for income tax self assessment is no longer something to plan for later. It starts on April 6, 2026, and for many people, that deadline has come around faster than expected. If you’re feeling behind, confused, or unsure where to begin, you’re not alone. A lot of business owners and
Not Ready for MTD Yet? Here’s What You Should Do Before April 6 Read More »
The way self employed individuals report their income to the UK tax authority is about to change significantly. Through the HM Revenue & Customs Making Tax Digital programme, the government is moving away from annual tax reporting towards a digital, more frequent system. From April 2026, individuals earning more than £50,000 from self employment or
7 Common Mistakes Sole Traders Make When Preparing for Making Tax Digital Read More »
From 6 April 2026, HMRC will introduce a significant change to how UK sole traders and landlords report their income. Under Making Tax Digital for Income Tax, individuals with qualifying income above £50,000 will no longer rely solely on an annual Self Assessment return. Instead, they will be required to keep digital records and submit updates throughout the tax year. This change is part
