Get ready for Making Tax Digital for Income Tax with HMRC

Tax returns are changing – with a new way to record and report your income and expenses. This is called Making Tax Digital (MTD) for Income Tax. You’ll need to use recognised software to keep records of your income and expenses. HMRC won’t sign you up automatically, so it’s important to do this in time. The first phase of the Making Tax Digital for Income Tax is fast approaching. If you have a turnover more than £50,000 then from April 2026, you’ll need to use MTD. If your turnover is over £30,000 then you will need to use it from April 2027 and if your turnover is over £20,000 then it will be April 2028. Whichever phase applies to you, now is a good time to start to learn and understand about the requirements that will affect you. We understand that this is a daunting change for many and that you’ll have many questions. Coram PACEY hosted HMRC in a webinar where they guide you through the basics to help your plan, prepare and take action to be ready for MTD. There was also the opportunity to raise your queries, some of which were not answered to during this webinar but Coram PACEY will endeavour to get you the answers you need from HMRC.