🚨 Attention all self-employed workers! Big tax changes are coming your way, and you’ve got just six months to prepare! 🚨
From April 2026, HMRC is rolling out the Making Tax Digital (MTD) for Income Tax scheme. This means if you’re self-employed and earning over £50,000 from self-employment or property, you’ll need to switch to a digital tax reporting system. Currently, this threshold stands at £30,000, so this is a significant change.
👉 What you need to know:
– This change kicks in for the 2024 to 2025 tax year and becomes mandatory by 6 April 2026.
– If your income exceeds £50,000, HMRC will notify you to get on board with the digital service.
– Ensure you’re ready by sourcing compatible software or getting your tax agent to handle it.
– Not sure if it applies to you? You can check your eligibility easily online.
What’s more, the government plans to extend this requirement to partnerships too, though the timeline is still up in the air.
Some individuals may be exempt, like non-resident companies, trustees, or those without a National Insurance number. If you think you might be exempt, detailed info is available on the official government website.
Don’t leave it to the last minute—get informed and get ready! 📆✨
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