Making Tax Digital

Time to act now! From April 2026 all self-employed individuals and landlords with total annual business and/or property income above £50,000 will be required to keep their accounting records digitally and file quarterly returns to HMRC with details of their income and expenditure together with any other information that HMRC specifies. After the end of the tax year a final declaration will be required to finalise the tax position for the year. This will include any tax or accounting adjustments required to business income as well as any personal income or claims for other reliefs. This will be due by 31 January after the relevant tax year.

MTD for ITSA will be expanded to those with self-employment income and property income over £30,000 from April 2027 and those with income over £20,000 from April 2028.

Although April 2026 may seem a long way away, self-employed individuals and landlords will need to decide on which software to choose – ideally before the new rules commence.

To view our Making Tax Digital flyer in full, please click here. 

If you have any questions or concerns, please get in touch with one of our Private Client Services team members here.