MAR Accountants & Tax Consultants Ltd

🚨 𝗠𝗮𝗸𝗶𝗻𝗴 𝗧𝗮𝘅 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗳𝗼𝗿 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 (𝗠𝗧𝗗 𝗜𝗧) – 𝗪𝗵𝗮𝘁 𝗦𝗼𝗹𝗲 𝗧𝗿𝗮𝗱𝗲𝗿𝘀 𝗮𝗻𝗱 𝗟𝗮𝗻𝗱𝗹𝗼𝗿𝗱𝘀 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻𝗼𝘄 🚨

If you’re Self-employed or rent out Property, it’s time to get ready for some important changes coming from HMRC starting April 2026.

𝗠𝗧𝗗 𝗜𝗧 is rolling out in phases and will affect anyone with gross income from sole trade or property businesses above certain thresholds.

📊 𝗪𝗵𝗮𝘁’𝘀 𝗰𝗵𝗮𝗻𝗴𝗶𝗻𝗴?

MTD means you’ll need to keep digital records of your sole trade business or property income and expenses. No more shoe-boxes! You’ll be required to send 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝘂𝗽𝗱𝗮𝘁𝗲𝘀 to HMRC of your income and expenditure. Then, at the end of the tax year, you’ll file a 𝗱𝗶𝗴𝗶𝘁𝗮𝗹 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 that’s pre-filled with your quarterly info – making the whole process smoother and more accurate.

🗓️ 𝗪𝗵𝗼 𝗮𝗻𝗱 𝘄𝗵𝗲𝗻?

From 𝗔𝗽𝗿𝗶𝗹 𝟮𝟬𝟮𝟲: If your gross income is over £𝟱𝟬,𝟬𝟬𝟬
From 𝗔𝗽𝗿𝗶𝗹 𝟮𝟬𝟮𝟳: If your gross income is over £𝟯𝟬,𝟬𝟬𝟬
From 𝗔𝗽𝗿𝗶𝗹 𝟮𝟬𝟮𝟴: If your gross income is over £𝟮𝟬,𝟬𝟬𝟬

Gross income means total income before expenses, combining your self-employed and property income. If you share rental property income with someone else, only your share counts.

💡 𝗔 𝗳𝗲𝘄 𝘁𝗵𝗶𝗻𝗴𝘀 𝘁𝗼 𝗸𝗲𝗲𝗽 𝗶𝗻 𝗺𝗶𝗻𝗱:

👉 The deadlines for paying tax don’t change.
👉 You must sign up to MTD yourself (or get your accountant to help), HMRC won’t do this automatically.
👉 You can choose to align your quarters with the tax year or calendar quarters to fit your business better – but the submission deadlines will remain the same.
👉 If your income drops below the threshold later, there are options, but compliance starts based on your last tax return’s income figures.

📋 Simplification options are available for smaller sole trade businesses. If your income is below the VAT threshold, you can use “three-line accounts” instead of detailed breakdown of income and expense.

𝗪𝗲 𝗸𝗻𝗼𝘄 𝘁𝗵𝗶𝘀 𝗮𝗹𝗹 𝘀𝗼𝘂𝗻𝗱𝘀 𝗹𝗶𝗸𝗲 𝗮 𝗯𝗶𝗴 𝘀𝗵𝗶𝗳𝘁 – 𝗮𝗻𝗱 𝗶𝘁 𝗶𝘀! 𝗕𝘂𝘁 𝘆𝗼𝘂 𝗱𝗼𝗻’𝘁 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗳𝗶𝗴𝘂𝗿𝗲 𝗶𝘁 𝗼𝘂𝘁 𝗮𝗹𝗼𝗻𝗲.

If you think this upcoming change might affect you, feel free to get in touch for a friendly chat.😊 I can guide you through the process and, if needed, help you transition to digital record keeping and filing smoothly – without the stress.

I'll guide you through setting up your digital records, making quarterly submissions, and filing your digital tax return, so you can focus on running your business or managing your properties without the worry.

If you want to chat about what MTD IT means for you and how to get ready, just get in touch. Let’s take the hassle out of digital record keeping and tax compliance together. 🤝

Email me on: 𝗺.𝗿𝗮𝗾𝗶𝗯@𝗺𝗮𝗿-𝘂𝗸.𝗰𝗼𝗺

🚨 𝗠𝗮𝗸𝗶𝗻𝗴 𝗧𝗮𝘅 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗳𝗼𝗿 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 (𝗠𝗧𝗗 𝗜𝗧) – 𝗪𝗵𝗮𝘁 𝗦𝗼𝗹𝗲 𝗧𝗿𝗮𝗱𝗲𝗿𝘀 𝗮𝗻𝗱 𝗟𝗮𝗻𝗱𝗹 🚨 𝗠𝗮𝗸𝗶𝗻𝗴 𝗧𝗮𝘅 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗳𝗼𝗿 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 (𝗠𝗧𝗗 𝗜𝗧) – 𝗪𝗵𝗮𝘁 𝗦𝗼𝗹𝗲 𝗧𝗿𝗮𝗱𝗲𝗿𝘀 𝗮𝗻𝗱 𝗟𝗮𝗻𝗱𝗹𝗼𝗿𝗱𝘀 𝗡𝗲𝗲𝗱 𝘁𝗼 𝗞𝗻.....