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Making Tax Digital for Self-employed
From April 26 HMRC are introducing MTDfITSA (Making Tax Digital for Income Tax Self-Assessment).
What this means is that you need to keep digital records of all your income and expenses from April26. Furthermore, depending on your turnover quarterly submissions of income and expenditure need to be made. With a final declaration made at the end of the tax year to finalise tax due.
From April 2026, sole traders and landlords earning above £50,000 need to follow MTD for ITSA rules.
From April 2027, sole traders and landlords earning above £30,000 need to follow MTD for ITSA rules.
From April 2028, sole traders and landlords earning above £20,000 need to follow MTD for ITSA rules.
Therefore, those earning over £50k a year from April26 need to keep a digital record of all work-related income and expenditure. With those earning over £30k due to be added from April27. And those earning over £20k from April28.
The dates for the quarterly submissions are as follows.
Quarterly update 1:
Period covered: 1 April 2026 to 30 June 2026
Filing deadline: 7 August 2026
Quarterly update 2:
Period covered: 1 July 2026 to 30 September 2026
Filing deadline: 7 November 2026
Quarterly update 3:
Period covered: 1 October 2026 to 31 December 2026
Filing deadline: 7 February 2027
Quarterly update 4:
Period covered: 1 January 2027 to 31 March 2027
Filing deadline: 7 May 2027
(These periods can start from April 6th – July 5th etc, but I am intending to report on actual 3 month basis as detailed above as I think it will be simpler.)
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Tax payments will still only be required twice a year, in January and July. My guess is that that will likely change and quarterly payments will be required once this quarterly submission process has settled. However, that is some years off.
At ‘The Accountant’ we can run and manage this process for you. And at the same time utilise the quarterly submission requirements to provide you with insight into your income and expenditure, enabling you to effectively manage your finances to help you meet your financial goals.
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