Landlords and sole traders warned over HMRC deadline as new tax rules begin
Around 864,000 sole traders and landlords must file their first quarterly update, with no late-filing penalties in the first year, HMRC said.
- Today, August 7, marks the first Making Tax Digital reporting deadline for around 864,000 sole traders and landlords earning more than £50,000 annually. Affected individuals must submit quarterly updates to HMRC using compatible software by today.
- The Government introduced this reporting system for those earning more than £50,000 annually. The scheme will expand to include earners above £30,000 from April 2027 and those above £20,000 from April 2028.
- Elsa Littlewood, private client services tax partner at BDO, warned the deadline timing is problematic. "The first reporting deadline comes at a rather inconvenient time when many people will be trying to enjoy their summer holiday," she said.
- HMRC will not issue penalties for late quarterly updates during the first year, though enforcement begins year two. Once four penalty points accumulate, HMRC will issue a £200 fixed penalty, with further sanctions possible for continued non-compliance.
- Littlewood warned that Self Assessment reforms could eventually align tax payments with MTD reporting deadlines. "While the rules are not yet set in stone, we could conceivably see payment demands being brought forward to coincide with quarterly MTD reporting deadlines," she said.
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Telegraph & Argus
Landlords and sole traders warned over HMRC deadline as new tax rules begin
Around 864,000 sole traders and landlords must submit their first Making Tax Digital report to HMRC by August 7 2026. Here's who is affected.
ACCA warns 400,000 landlords and sole traders risk missing MTD deadline
Around 400,000 self-employed people and landlords are on course to miss the Making Tax Digital (MTD) deadline on 7 August, the Association of Chartered Certified Accountants (ACCA) said. HMRC figures show that just over 400,000 of the 850,000 taxpayers mandated to join the scheme have registered so far. This leaves more than half still outside the system ahead of what is being described as the biggest reform of the UK tax regime in a generation.…
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