MAKING TAX DIGITAL (MTD)
I have previously mentioned this, It is now starting 6-Apr-26 with the first submission being Apr-Jun 2026 in Jul-26.
If your self-ployment turnover, landlord gross rent or if you combined the two incomes, exceed the threshold, we must comply.
Partnerships and Limited companies are currently exempt.
The thresholds are:
- From 6-Apr-2026, income >£50,000 p.a.
- From 6-Apr-2027, income >£30,000 p.a.
- From 6-Apr-2028, income >£20,000 p.a.
As the original threshold was only £10,000, I expect these to decrease further eventually to £0, where everyone complies.
If you are using a bookkeeper or software already - then you are all set.
Currently, I have not found one really good software, I am hoping there will be more developments this year.