[03.03.25]
We wanted to remind clients who are sole traders and/or landlords with a total income above £50,000 that you will be subject to Making Tax Digital (MTD) for Income Tax from next April. Those clients who are sole traders and/or landlords with a total income above £30,000 will be subject to MTD for Income Tax from April 2027.
As part of MTD for Income Tax, sole traders and landlords must use MTD for Income Tax compatible software to keep digital records and file returns. You will need to send quarterly updates of all business income and expenditure to HMRC, as well as a Final Declaration with details of all other taxable income by 31st January every year.
If you are affected by MTD for Income Tax, and you haven’t yet signed up to a HMRC recognised software, please contact Jackie, Andrew or Siobhan for advice.
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