Despite HMRC communication on Making Tax Digital for Income tax I find business owners are unaware of how, when and if it will impact them. From next tax year (26/27) sole traders and landlords with a combined turnover of £50,000 in the tax year 24/25 will be required to submit quarterly reports to HMRC, this is in addition to filing a self assessment tax return. The following year that threshold will fall to £30,000 and the subsequent year £20,000, ultimately covering a significant portio...
