🚨 Heads up, everyone! HMRC is gearing up to send out over 200,000 letters to individuals who will feel the impact of a significant tax change next year. If you’re a sole trader or landlord with income over £50k, this one’s for you. Starting 6th April 2026, you’ll need to embrace Making Tax Digital (MTD) for Income Tax. It’s all about simplifying your digital bookkeeping and sending updates to HMRC quarterly, rather than facing that last-minute January rush. But don’t worry—these updates are just simple summaries that your software will generate automatically. You can even fix any errors in the next update! 💻📊
The good news is, you won’t need to submit extra tax returns. Plus, compatible software options—both free and paid—are available to fit your business needs. This will help you keep real-time tabs on your tax bill and avoid any unwelcome surprises later. 💡
Craig Ogilvie from MTD reminds us, “Tax is changing, and now’s the time to get ready. We’re getting rid of that January scramble!” So, if you’re already using spreadsheets or accounting software, simply find a compatible one to connect your records and meet the new requirements.
780,000 self-employed folks and landlords will need to switch by April 2026, with another 970,000 joining in 2027. The future of tax is digital, so let’s get ahead of the game and embrace these changes for a smoother tax experience! 📅✨
Questions about what software to use or how it all works? HMRC has a dedicated support team ready to help. Get comfortable with the system through their testing programme and make the transition hassle-free. 🌟 Let us know your thoughts or concerns below! ⬇️