May 14, 2025
Article
HMRC will be writing to customers in April 2025 whose 2023-24 Self-Assessment tax return shows combined income from property and sole trade businesses close to, or over, £50,000. The letter will let those customers know that, depending on their income in 2024-25, they may need to sign up and use Making Tax Digital for Income Tax from 6 April 2026. This requires an individual to maintain digital records and submit quarterly tax returns.
“The income threshold will be dropping over the coming years and it was announced in the Spring Statement that this will be reducing to £20,000 by April 2028”.
We will keep you updated and provide more support as we move closer to this date. However, if you have any immediate questions or concerns, please get in touch.