The introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) marks a significant change in how self-employed individuals in the UK report their income to HMRC. What is MTD for ITSA? MTD for ITSA is HMRC’s initiative to modernise and digitise tax reporting for individuals earning income through self-employment, property, or other sources. From April 2026, sole traders and landlords with a combined gross income over £50,000 must use MTD-compatible software to: Keep digital records of

Tax investigations can be a daunting prospect for anyone, especially for self-employed business owners. HMRC continue to tighten its scrutiny of tax returns, understanding how investigations work and how to protect you is essential. Here’s a breakdown of what you need to know. Why Does HMRC Investigate Self-Employed Individuals? HMRC initiates tax investigations for several reasons, including: Inconsistent Returns: Unusual fluctuations in income or expenses may trigger an investigation. Late or Inaccurate Filings: Repeated errors or late submissions can raise

The deadline for registering for Self Assessment for the 2023/24 tax year is 5 October 2024. If you need to register, please ensure you are registered for Self Assessment before the deadline. It’s important if you are already in Self Assessment but who no longer need to be, to let HMRC know. Otherwise, you will continue to get reminders and you may be charged a penalty if HMRC don’t receive the tax return on time.