If you are running your business as a sole trader or landlord & your income was over £50,000 for the 2024 to 2025 tax year (which ended on 5 April last year) you need to use ‘UK Government-recognised software’ & start sending quarterly updates to HMRC from 6 April this year (2026)! This is known as ‘Making Tax Digital (MTD)‘. It’s the biggest change to Income Tax since HMRC introduced Self-Assessment more than 30yrs ago!
(If your income was ‘only’ £30,000 for the current tax year ending on 5th April this year (2026) you will need to start doing it from 6th April next year, 2027).
MTD sounds complicated & it can be confusing so I recommend speaking to Paul White & his team at Optimal Accountancy who are our accountants at Stellar Business Events & will make sure you do everything right.
Email Paul at paul@optimalaccountancy.co.uk or call him on 0191 455 2514
Paul Lancaster
Founder, Event Producer & Growth Consultant
PLATFORM | UK Startup Week & Scaleup Week
Stellar Business Events
https://platformevents.ai
http://ukstartupweek.com