What is Making Tax Digital for Income Tax (MTD for IT)?

Darren Walley

Managing Director

30 September 25

Under MTD, most sole traders and landlords whose combined “qualifying income” is above a mandatory threshold will need to:

-Keep digital business records -paper records will no longer be allowed

-Use HMRC-approved software to submit quarterly updates to HMRC

-Submit an annual final declaration at the end of the tax year (this replaces the self assessment return)

“Qualifying income” is your total gross income from self-employment and property in a tax year, before expenses.

For more information, see HMRC’s guidance following the link: https://makingtaxdigital.campaign.gov.uk/…

Please contact us at: www.banks-sheridan.co.uk