KT Accountants Ltd
Making Tax Digital - MTD
As you may have seen in the News, HMRC are going to be introducing new regulations, Making Tax Digital (MTD), which will affect how certain individuals declare their taxable income.
From April 2026, Making Tax Digital for Income Tax will be introduced for self-employed individuals and landlords with income over £50,000. This will then be introduced to those with income over £30,000 from April 2027, followed by those with income over £20,000 being mandated from April 2028. ​​
Download our FREE
Making Tax Digital Timeline
How can we help you during the introduction to Making Tax Digital for Income Tax?
Our team will be working alongside you during the months leading up to and throughout this new legislation to ensure you can meet these deadlines and avoid penalties.
-
Free drop-in sessions for all clients affected by Making Tax Digital for Income Tax
-
Regular newsletters to keep you updated on the progress of this new legislation
-
A smooth and stress-free transition throughout these changes
-
Constant communication, advice and support
-
Discounted software for your digital records
FAQ's
Question :
If my 24/25 income exceeds £50k but in 25/26 I will either cease trading or my turnover will fall, do I still need to file MTD returns?
Answer :
Yes. Your 24/25 return will determine the MTD mandating status for 26/27.
​​
Question :
How will I know if I fall into the MTD criteria?
Answer :
HMRC are writing to customers in April 2025 to advise them that, based on their 23-24 tax return, they are likely to be in MTD from April 2026, if nothing changes. HMRC will write to confirm your MTD position once they have the 24-25 tax return, due by January 2026.
​​
Question :
How can you register for MTD IT?
Answer :
Go to GOV.UK to sign up, or contact us to assist you.
​
Question :
How long after a quarter do the quarterly updates have to be made?
Answer :
The quarterly updates are due on the 7th of the following month from the end of the period. For example, Quarter 1 would be from 6th April to 5th July, but it wouldn't be due until the 7th August. Please see our FREE Making Tax Digital Timeline at the top of this page to assist in understanding the new deadlines.
​
Question :
Can the quarterly deadlines be submitted multiple times if I have previously submitted errors?
Answer :
If you make an error on a quarterly update, you can correct this on the following update.
​​
Question :
Will income tax payments become quarterly too?
Answer :
There are no changes to the payment dates for self-assessment, under MTD. Please see our FREE Making Tax Digital Timeline at the top of this page to assist in understanding the new deadlines.
​​
Question :
What are considered digital records?
Answer :
Digital records must have the date, amount and category of income or expense. These can be created in compatible or non-compatible software, however, the quarterly update can only be made using compatible software.​
​​​
​