Quick answer: From September 2026, HMRC will begin automatically signing up sole traders and landlords who should be using Making Tax Digital for Income Tax but have not registered. Auto-enrolment puts you into HMRC’s system. It does not set up your software, connect your bank to feed, digitise your records, or file your quarterly updates. […]
HMRC MTD Auto-Enrolment 2026: What You Must Do Now Read More »
Quick answer: There’s no fine for missing 7 August 2026. HMRC built a first-year soft landing into Making Tax Digital. It removes penalty points and fines for late quarterly updates in 2026/27. But you still need to submit it, and all four quarterly updates must go in before you can file your Self Assessment Final
Missed the 7 August MTD Deadline? Here’s What Happens Next Read More »
Penalty points. A £200 fixed charge. A soft landing for 2026/27. If you have read up on Making Tax Digital penalties, you already know the rules on paper. What most guides skip is the part that matters to your bank balance: what a missed deadline costs in real pounds, once filing penalties, payment penalties, and daily interest
MTD Penalty Example: What a Late Quarterly Update Really Costs You in 2026 Read More »
Quick Answer After you submit your first Making Tax Digital Income Tax quarterly update, your software shows an estimated tax bill based on the figures entered so far. This is a running forecast, not a final calculation. It does not yet account for your personal allowance in full, other income sources, reliefs like pension contributions, or, for landlords, the restriction
If you own more than one rental property in London, 2026 brings important tax changes. HMRC has introduced Making Tax Digital for many landlords. Additional property purchases now attract a 5% SDLT surcharge. The proposed High Value Council Tax Surcharge could also affect some London properties from 2028. Understanding these changes now can help you
Quick Answer Your first MTD quarterly update covers 6 April to 5 July 2026 and is due by 7 August 2026, but you cannot submit anything until two earlier steps are done: signing up with HMRC (which has its own eligibility rules beyond the £50,000 income threshold) and authorising MTD-compatible software to connect to your HMRC account.
How to Submit Your First MTD Quarterly Update (Step-by-Step Guide) Read More »
The MTD quarterly update cost isn’t just about penalty points. Most of the conversation around 7 August 2026 focuses on whether people will file on time. Fewer people ask what a rushed, inaccurate, or bodged first submission costs, even inside HMRC’s first-year soft landing. HMRC waives the penalty points. The consequences of bad numbers don’t disappear from them. For London sole traders and
What a Late or Inaccurate First MTD Quarterly Update Could Actually Cost You Read More »
“There are no penalties in the first year” is the line doing the rounds in every London landlord WhatsApp group and freelancer Slack channel right now. It’s not wrong exactly, but it’s dangerously incomplete. HMRC’s soft landing for Making Tax Digital covers far less than most people assumes, and the gap between what taxpayers think is protected and what’s protected is where penalty
Making Tax Digital Compliance in 2026/27: Five Penalty Rules You Cannot Ignore Read More »
The first Making Tax Digital for Income Tax quarterly update is due on 7 August 2026, and by most current estimates, roughly half of the small businesses, sole traders, and landlords who fall within scope aren’t ready to file it. That’s not a small margin. It means a coin-flip chance that a business reading this
Half of Small Businesses Are Behind on Making Tax Digital – Are You One of Them? Read More »
Most guides to Making Tax Digital for Income Tax tell you the dates and stop there. What they rarely tell you is what needs to happen inside your business, week by week, so that when 7 August arrives, your quarterly update is a five-minute formality rather than a scramble. That’s the gap this article fills. If you’re a sole trader or
