Making tax digital
Making Tax Digital is coming for Income Tax- Will this affect you?Heard rumours of Making Tax Digital (MTD)? Not sure if they apply to you? Read on to find out more…
Making Tax Digital is a new law coming into force on 1/4/2026 and will affect sole traders/freelancers/subcontractors, as well as landlords. MTD will require digital records to be kept, and quarterly returns submitted to HMRC on business income, expenses, and profits. The reports will need to be submitted via approved HMRC software and may be done by the individual or by an agent/accountant.
Soletraders/Freelancers/Subcontractors and Landlords will be required to sign up to MTD from 1/4/2026 if their income is £50,000 or above.
If your business income is £30,000 or more you will be required to sign up for MTD from 1/4/2027.
At J&J we are getting ahead of the rush and getting as many of our clients on software as possible in the lead up to the change. This will enable a smooth transition into MTD and ensure all our clients are compliant with the new law. If you need any advice or support for your business/property rental please contact Jo at J&J on jo@jandjaccountants.com or 07793 824995.
