Pierce Business Advisory and Accountancy Group

Making Tax Digital for Income Tax

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

Making Tax Digital for Income Tax is a UK government scheme starting from April 2026. It requires keeping digital records and sending quarterly updates to HMRC using compatible software, replacing the traditional annual Self-Assessment return.

Click here to read our recent article.

Who will MTD for IT Impact with effect from April 2026?

  • Self-employed individuals with annual business income exceeding £50,000
  • Landlords whose property income exceeds £50,000
  • Or the combined income from self-employment and rental income exceeds £50,000

Benefits of Making Tax Digital for Income Tax:

  • Clear overview of your predicted tax bill all year round, prevents January surprises
  • Increased accuracy, no more chasing lost receipts
  • Automated bank feeds
  • Real-time access to financial information
  • Better informed decision making

How can we help you?

Xero
Xero
Hammock
Hammock

Why You Should Act Now

  • Get prepared early – time to set up the right systems.
  • Avoid last-minute stress – no rush to meet deadlines.
  • Stay compliant – reduce the risk of potential penalties. Click here to view the penalty scheme.
  • Test and refine – iron out any issues with digital record-keeping.
  • See the benefits sooner – improved visibility and control of your finances.
  • Peace of mind – a smoother, stress-free transition to MTD.

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