Understanding Making Tax Digital

Making Tax Digital (MTD) for Income Tax has been on the horizon for several years, and I have covered the topic briefly before, but HMRC has now issued a timeline with phased mandatory implementation from April 2026 with an option to start from April 2025.

So, to help you to get prepared, I have developed 5 Things you need to know about Making Tax Digital to help you to get started with this new process.

This information-packed summary covers the key questions:

1. Does it affect me?
2. What records do I need to keep?
3. Do I have to do a tax return every three months?
4. What is the final declaration and when do I have to pay tax?
5. Can I submit MTD on the HMRC website or do I need special software?

This is for you if you have sufficient taxable income from:

• tenants paying rent – whether from one property or a portfolio
• self-employment
• other income streams (side hustles)

Additionally, we are offering a series of free webinars planned to demystify this new process and the software needed for compliance. I will be sharing more information about HMRC’s Making Tax Digital launch timings and how to comply, over the coming months.

Our Making Tax Digital webinars are packed with useful information, with the opportunity to ask questions and a unique offer with sign up to our MTD annual package (for attendees only).

Fill out the form below to download our introduction to Making Tax Digital and for further updates from Another Answer including dates for our new webinar series and service package offers.

If you need our services in the meantime, or have concerns about your tax liabilities and would like to arrange your free discovery session please get in touch info@anotheranswer.co.uk or call 01628 530805.