Making Tax Digital for Income Tax is coming….

If you are a landlord or a sole trader with total revenue of over £50,000 you will need to sign up to MTD using compatible software from 6 April 2026.

If you earn more than £30,000 your MTD requirements are from 6 April 2027.

 

For those earning an income from digital platforms they will need to consider the below:

 

Starting in early 2024, platforms like eBay must share user earnings with HMRC. This isn’t a new tax but an extension of current rules. If your self-employed income tops £1,000, report it to HMRC. Stay informed and manage your tax obligations.

 

Selling occasionally? You might not need to file taxes. But if you’re selling often and earning over £1,000, report it to HMRC.

 

Good news for entrepreneurs and side hustlers: Starting in 2029, the self-assessment tax return threshold will increase from £1,000 to £3,000, benefiting 300,000 taxpayers. This change will allow 90,000 individuals to skip reporting their trading income, freeing up time to grow their businesses. A new online form will also simplify declaring cash earnings up to £3,000.

 

If you are affected by the above and wish to discuss your tax position please get in touch with us.