🚨 Attention UK Sole Traders! 🚨
Big changes are coming your way next April with the “biggest tax reform in a generation”! From April 6, 2026, if you’re a sole trader earning over £50,000 a year, you’ll need to step into the digital age with HMRC’s Making Tax Digital (MTD) initiative for Income Tax.
But here’s the kicker: a staggering 70% of those affected are yet to get ready! A new study by Sage highlights that two-thirds of small business owners are still using old-school methods to prep their tax returns, with some even relying on pen and paper for tracking sales and expenses! 📝
Take it from TV presenter and carpenter Mark Millar, who shares that digital tax eased the pressure for him. He recalls the struggles of balancing quotes, invoices, and tax compliance back when he launched his construction company in 2003.
Mark says, “Many sole traders are still juggling their business with pencils and paper. Trust me, I’ve been there! But digital tools bring relief by simplifying the process.”
The upcoming mandate will revolutionise the way you do your taxes, offering clearer financial insights and freeing up time to focus on your business. Nearly 40% of those aware of the changes haven’t prepared yet, according to Sage.
Lisa Ewens from Sage emphasises that adapting to digital tax is not just a mandate but an opportunity. Say goodbye to surprises at tax time and hello to clearer finances and more time for what truly matters in your business!
It’s time to ditch the paper trail and embrace the digital future! 💼🔗
#MakingTaxDigital #TaxReform #SmallBusiness #SoleTraders #DigitalTransformation