What is MTD for Income Tax? Making Tax Digital for Income Tax is HMRC’s plan to digitise the self-assessment process for individuals with business and/or property income. Instead of submitting a single annual tax return, taxpayers will send updates to HMRC every quarter, using MTD-compatible software. Who Will Be Affected from April 2026? From 6 April 2026, MTD for ITSA will be mandatory for: Self-employed individuals Landlords With total annual business and/or property income over £50,000 From April 2027, the
It’s nearly the end of the tax year and if you are self employed here are some ideas that could reduce your tax bill. I don’t recommend spending purely to save tax but if its needed then consider this expense now rather than in a few months time. If you need to upgrade your Computers for Windows 11 consider this before the end of the tax year rather later as on 14th October Windows 10 support ceases. If you are
inTax
The introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) marks a significant change in how self-employed individuals in the UK report their income to HMRC. What is MTD for ITSA? MTD for ITSA is HMRC’s initiative to modernise and digitise tax reporting for individuals earning income through self-employment, property, or other sources. From April 2026, sole traders and landlords with a combined gross income over £50,000 must use MTD-compatible software to: Keep digital records of
An estimated 1.1 million people missed the 31 January 2025 deadline for filing their 2023/24 tax returns according to HMRC. They now face a penalty of at least £100 for missing the cut-off at the end of the day on Friday, the tax authority has said, unless they can provide a valid excuse for failing to file. More than 11.5 million people did complete the self-assessment process, including more than 31,000 who finished it during the final hour before the
5 Reasons to use a Chartered Accountant Before choosing your accountant Unless a member of the ICAEW ( Institute of Chartered Accountants) or qualified with another professional body, anyone can call themselves an accountant, even if they have no professional training or qualifications to back it up. We recommend you check that any accountant you approach has some formal training and /or qualification and carries professional indemnity insurance just in case its needed. Experience To qualify as chartered accountant, I
