Making Tax Digital is coming!
From April 2026 you may need to change the way you submit your self assessment tax.
If your TURNOVER (not profit!) is over £50000 you will need to make 4 quarterly submissions through the year - with a final submission including any adjustments by 31st January as normal.
We can help you prepare for this change and, if you like, process your digital bookkeeping and make the submissions on your behalf, freeing you up to concentrate on your business.
Let us spin the number plates - you can spin all the others!
Who's affected?
- From April 2026: Sole traders and landlords with turnover over £50,000
- From April 2027: Sole traders and landlords with turnover over £30,000
- From April 2028: Sole traders and landlords with turnover over £20,000
What's changing?
You'll need to use recognised software to keep records of your self-employment and property income and expenses, and send quarterly updates to HMRC. These quarterly updates aren't tax returns – they're just simple summaries of how your business is doing, in four smaller chunks, pulled from your records. You won't pay four tax bills a year; the deadline for paying your tax will still be 31 January, but the process will be much simpler thanks to your quarterly updates.
Why will these changes help?
- reduce the chance of making errors in your returns, which can cost time and money to correct later
- make sure you have up-to-date, accurate information to avoid scrambling for lost receipts and to help with business planning
- move your tax records onto one new HMRC platform supporting wider improvements
- forecast your predicted tax bill to avoid surprises and make sure you pay the right amount of tax