The first quarterly filing deadline for MTD for Income Tax passed on 7 August, with 864,000 sole traders and landlords earning over £50,000 a year set to have signed up and completed the filing.
Despite the first deadline for Making Tax Digital (MTD) for Income Tax arriving on 7 August, over 400,000 qualifying landlords and sole traders have still not signed up.
With the upcoming 7 August deadline, HMRC reports that it is still waiting for over half of those affected by Making Tax Digital (MTD) to register, let alone file their returns by the deadline.
Just days ahead of the initial phase of Making Tax Digital for Income Tax, HMRC has confirmed the exit options for sole traders and landlords who fall below the annual qualifying income threshold.
This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.
From April 2026, the Government’s Making Tax Digital (MTD) initiative will move to target self-employed individuals and landlords.
Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) represents a significant shift in how individuals, including landlords, must report their income and manage their tax affairs.
The HM Revenue & Customs (HMRC) app was launched in 2023 and has quickly become a key tool for many, with over 80 million interactions.
Making Tax Digital (MTD) is designed to simplify the tax process for business owners.
For small businesses navigating the Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) initiative, tax returns can be complex.
