Tax Tips & HMRC Deadlines
Making Tax Digital: What It Actually Means for Small Businesses
Making Tax Digital for Income Tax is being phased in for sole traders and landlords above certain income thresholds, requiring digital record-keeping and quarterly updates to HMRC instead of a single annual return.
Who it affects, and when
The rollout is threshold-based and staged over several years, starting with higher-income sole traders and landlords first. If you're close to the thresholds, it's worth checking your position now rather than waiting for a letter from HMRC.
What you'll need to do
- Keep digital records of income and expenses using compatible software
- Send quarterly updates to HMRC rather than one annual return
- Submit a final declaration at the end of the tax year
The businesses least disrupted by MTD will be the ones already keeping digital, up-to-date books — which is exactly what a monthly bookkeeping service gives you.
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