"Making Tax Digital will make it easier for sole traders and landlords to get their tax right by providing a more real-time overview of their finances, freeing up their time to focus on growing their business."
"HMRC ran marketing and information campaigns about the changes, and around three-quarters of this year's group have agents such as accountants who have very high awareness of the requirements."
Fewer than three-tenths of those required to sign up for Making Tax Digital (MTD) reporting have done so. Over 219,000 individuals have registered, representing 28% of the 780,000 sole traders and landlords mandated to transition to quarterly tax reporting. The deadline for the first quarterly report is August 7. HMRC plans to contact those who miss the deadline but will not impose penalties until the 2026-27 tax year. Future expansions of MTD will lower the income threshold, affecting more individuals.
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