Sole traders and landlords offered cessation to compliance with Making Tax Digital for Income Tax

Sole traders and landlords offered cessation to compliance with Making Tax Digital for Income Tax

With the launch of Making Tax Digital for Income Tax just days away, HMRC has announced a new cessation option for sole traders and landlords who fall below the annual qualifying income threshold. Many taxpayers affected by the first phase of MTD from 6 April 2026, whose qualifying income has fallen below the £50,000 threshold since 1 February 2025, had raised concerns to HMRC about being brought into the regime too early. They were unsure and h…

HMRC confirms how sole traders and landlords can exit Making Tax Digital for Income Tax

Just days ahead of the initial phase of Making Tax Digital for Income Tax, HMRC has confirmed the exit options for sole traders and landlords who fall below the annual qualifying income threshold. There has been a lot of concern from taxpayers whose qualifying income has fallen below the £50,000 threshold since 1 February 2025. Many had questioned HMRC about why they still had to comply at this stage after they had been notified by the tax autho…

Have you got the right software in place for Making Tax Digital for Income Tax?

Making Tax Digital (MTD) for Income Tax has finally arrived and many sole traders, landlords and self-employed individuals will need to comply with the new reporting rules. Since 6 April 2026, those with gross income over £50,000 will need to use MTD-compatible software that submits their new digital reports to HMRC. It can be hard to know which system you need to have in place and which is the right one for you. However, you must understand the…