HMRC have launched a new online tool to help people determine whether they need to use Making Tax Digital (MTD) to process their self-assessment income.
MTD for self-assessment income tax will be phased in from April 2026, it involves quarterly reporting of income and expenses to HMRC instead of just once a year. In general terms, all those with income from self-employment or property exceeding £50,000 will be required to use MTD from April 2026.
Although there are exceptions, and with that in mind HMRC have launched a new tool to help individuals determine if they need to use MTD and if so when they will be required to use it from.
If you’d like any additional information on how to use the tool, or around MTD, please get in touch with us.
