Making Tax Digital for Income Tax – take action now

Making Tax Digital for Income Tax (MTD for IT) will become mandatory from 6 April 2026 for those with self-employment and/or property rental income is in excess of £50,000 in the 2024/25 tax year.

If you fall within this category you may have already received information from HMRC.

MTD for IT is a new way of reporting income and expenses if you're a sole trader or landlord.

Under the new way of reporting, sole traders and landlords will use compatible software that enables them to:

• create and store digital records of their business income and expenses
• send quarterly updates to HMRC
• submit a tax return and pay tax due by 31 January the following year.

Please see our factsheet for more information and action needed and speak with your usual contact at Peplows for help or assistance.