12th June 2025
We will be running a seminar scheduled to take place at the end of June, the purpose of this seminar is to provide essential information concerning Making Tax Digital for Income Tax (MTDIT) and to answer any questions you may have regarding the topic. This event will create an opportunity for you to enhance your understanding of MTDIT. We kindly ask you to inform us of your interest to ensure that we can accommodate everyone. Please contact the office on 01538 755866 to register your interest in the seminar. In order to help as many of our local businesses as possible you do not need to be a client of ours to attend just let us know and come along.
With effect from 6th April 2026 self-employed individuals and landlords with income (not profits) of over £50,000 are required to make a quarterly report to HMRC. For self-employed individuals and landlords with income (not profits) of over £30,000 this will be with effect from 6th April 2027 and self-employed individuals and landlords with income (not profits) of over £20,000 are required to make a quarterly report to HMRC with effect from 6th April 2028, however based on the budget document this is likely to be £10,000.
This will be in addition to any VAT submission you may already make, and a submission will be required for each source of income. That means sole traders who have rental income will have to make two separate submissions.
Going forward you will be required to do 5 submissions (4 quarterly and one final catch all tax return or even 9 if you have self-employment and rental income).
To make these submissions you will require digital software, we advise you to now start preparing and thinking about the software you will use. If you would like to talk to us about the software options available please contact us. Some software will only allow authorised agents to make MTD submissions, so your choice of software is very important.