HMRC has reminded taxpayers earning more than £50,000 from self-employment or property income that significant changes to income tax reporting are approaching.
Under Making Tax Digital (MTD) for Income Tax, affected individuals must register before 6 April 2026. From the 2024/25 tax year onward, they will be required to maintain digital records and submit quarterly updates using HMRC-approved software.
Tax professionals have described MTD for Income Tax as one of the biggest changes to income tax reporting in decades. Those who fail to register or prepare adequately may face administrative difficulties and potential compliance risks.
The move forms part of HMRC’s broader strategy to modernise the tax system and increase digital reporting requirements.
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