Post by TAX SPOC

📢 Making Tax Digital (MTD) for Income Tax is now officially live in the UK — with phased implementation starting from April 2026 This is one of the biggest changes to personal tax reporting in recent years in the UK, moving many taxpayers away from a single annual Self Assessment return to quarterly digital reporting. 📅 When does it start? ✔️ From April 2026 – Individuals with gross income over £50,000 from self-employment and/or property income must comply. ✔️ From April 2027 – Expected extension to those earning over £30,000. Further expansion is expected in later phases. 📌 What changes under MTD? ▪️ Digital record keeping becomes mandatory ▪️ Compatible software required ▪️ Quarterly submissions to HMRC ▪️ End-of-year final declaration still required 📌 What HMRC receives quarterly: ✔️ Total income ✔️ Total expenses 📌 What HMRC does NOT receive: ❌ Individual receipts ❌ Transaction-level detail ❌ Detailed category-by-category breakdowns ⚠️ Important reminder: the 2025/26 Self Assessment return still applies and is due by 31 January 2027, so many taxpayers will experience a transition period between both systems. #MakingTaxDigital #MTD #HMRC #IncomeTax #UKTax #SelfAssessment #Landlords #SelfEmployed #TaxCompliance #DigitalTax #Accounting #Finance