HMRC has issued a 48-hour warning about new tax rules affecting people earning over £20,000. The update comes ahead of June 19, when HMRC will host webinars for those impacted by the new Making Tax Digital (MTD) requirements.
Who Is Affected?
If you have income of £20,000 or more from property or self-employment, you will be legally required to use Making Tax Digital from the following dates:
- 6 April 2026: for incomes over £50,000
- 6 April 2027: for incomes over £30,000
- 6 April 2028: for incomes over £20,000
Webinar Details
A webinar held this week, on Friday June 19, will help you understand the requirements for Making Tax Digital for Income Tax and the steps you can take to prepare your business. The Labour Party government's tax arm hopes the session will cover:
- What MTD is – understand the rules and work out who will be affected and when
- Prepare for MTD – work out who will do what and make informed software choices
- Take action for MTD – authorise your agent and sign up to MTD
- How to use MTD – follow the rules and consider how to utilise any benefits and opportunities
There are separate webinars for landlords and sole traders, including guidance on getting ready for MTD for Income Tax if you are a sole trader or landlord without an accountant or bookkeeper.
VAT Registered Businesses
HMRC warns: "All VAT registered businesses should now be signed up for Making Tax Digital for VAT. You no longer need to sign up yourself. HMRC will sign you up automatically unless you are exempt or have applied for an exemption. You should now keep VAT records and submit VAT Returns using compatible software."
Additional Support
You can subscribe to the HMRC help and support email service to get information on a wide range of topics for individuals, businesses, employers, and agents. You can also make changes to your topic subscriptions and unsubscribe from the service whenever you want.
The tax arm adds: "You can register for webinars in advance but we recommend you join each webinar 5 minutes before the start."
