UK businesses warn of financial strain ahead of digital tax rules

HMRC makes huge change for people earning over £50,000 - Making Tax Digital

HMRC makes huge change for people earning over £50,000 Anyone earning over £50,000 from self-employment or property income has less than a year to make some important changes, an expert has warned. HMRC changes from 6 April 2026 affect earners £50,000 plus from self-employment or property income (Image: Getty) Thousands of landlords and sole traders will be caught out by major tax changes being introduced by HMRC next year, an expert has warned.

Landlords and Self-Employed Face Major Tax Shake-Up – Accountant Log

The UK government has announced a significant change to the way self-employed individuals and landlords report their income and expenses to HMRC. From April 2026, those earning over £50,000 from self-employment or property income will be required to submit quarterly reports to the taxman. The new system, known as Making Tax Digital (MTD) for Income Tax, aims to improve accuracy, reduce errors, and save time for taxpayers. However, it also places…

Less than a year until Making Tax Digital for Income Tax launches

Sole traders and landlords are being urged to start preparing now ahead of the Making Tax Digital (MTD) for Income Tax launch next year. From the 6th of April 2026, sole traders and landlords with an income over £50,000 will be required to use MTD for Income Tax. This involves keeping digital records throughout the year with quarterly updates. Those who are eligible are being urged to sign up for the testing programme now to better prepare thems…

What is the best software for Making Tax Digital? | Randall & Payne

We continue to champion cloud accounting for businesses and work closely with the team at Xero and are a Xero gold partner. We recommend you use accounting software such as Xero, for many reasons. Xero is mobile which means you can generate invoices on the go or process payments immediately. Data capture and entry are more automated using apps, reducing the time required. The software is secure and backed up online and is compliant with HMRC’s M…

UK businesses warn of financial strain ahead of digital tax rules

A majority of UK small business owners are concerned about the financial and operational pressures of HMRC’s upcoming ‘making tax digital‘ (MTD) reforms to income tax. MTD for income tax, set to take effect from April 2026, will require self-employed individuals and landlords earnings over £50,000 to maintain digital records and submit quarterly updates using compatible software. Just one year ahead of the roll-out, accountancy software firm Fre…

Landlords earning £50k must prepare for digital tax overhaul

A new digital tax recording system is being rolled out by HM Revenue and Customs (HMRC), and landlords and sole traders can get ahead of the changes now. The government’s Making Tax Digital for income tax will be a major change in how taxes are reported and managed for self-employed people and landlords alike, with Chancellor Rachel Reeves revealing that the new system will be phased in between 2026 and 2028. Right now, anyone operating a buy-to…