Making Tax Digital for Income Tax (MTD ITSA), which begins to apply from 6 April 2026, is changing the way sole traders and landlords report their income and expenses to HMRC. Instead of just submitting a single annual Self Assessment, you now need to provide quarterly updates along with a final declaration. Even though MTD […]
Significant changes are scheduled for the UK tax system in 2026. MTD ITSA will become mandatory for sole traders and landlords earning over £50,000 from 6 April 2026. Employers should also prepare for updates in benefits reporting. Although HMRC initially planned to mandate payrolling of most benefits in 2026, this has now been postponed to
Selling your home should feel like a step forward not a financial setback. Yet across the UK, thousands of homeowners are discovering that they’re walking away with far less profit than expected. In some areas, especially London, a growing number of sellers are even selling at a loss.On average, sellers lose thousands of pounds due
Making Tax Digital for Income Tax Self Assessment (MTD ITSA) is a new HMRC initiative that requires landlords and other self employed individuals in the UK to keep digital records of their income and expenses and submit tax returns using compatible software.For UK landlords, it involves keeping accurate and organised records of your rental income,
Filing a Self Assessment tax return is how individuals in the UK report their income to HM Revenue and Customs (HMRC) when tax is not automatically deducted through PAYE. You must declare your earnings, calculate what you owe and pay any tax due. You usually need to file one if you are self-employed, a freelancer,
Making Tax Digital (MTD) is a UK government scheme that requires businesses and self-employed people to keep digital records and submit tax details to HMRC using approved software. The aim is to improve accuracy, reduce errors, and make tax reporting more efficient. For construction workers operating under the Construction Industry Scheme (CIS), MTD represents a
Missing the 31 January deadline can be stressful, especially for freelancers, landlords, personal trainers, or construction workers. The good news is that you are not alone facing this scenario, and the situation can be resolved. Thousands of self-employed individuals across the United Kingdom miss the deadline every year, and there are proper steps you can
Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) is one of the most significant changes to the UK tax system in recent years. Instead of relying on paper records or annual submissions alone, MTD requires taxpayers to keep accurate digital records and submit updates using approved software. Crucially for CIS subcontractors, HMRC calculates your
