Personal Tax Newsletter - March 2025

Please see our March 2025 personal tax newsletter:

Read the guide

MTD for income tax - what’s new?

Sole traders and landlords will soon need to get to grips with MTD for Income Tax Self-Assessment (MTD ITSA). What’s the latest on who must use MTD ITSA and the reporting requirements? You may already know that starting from April 2026 MTD ITSA will be phased in for sole traders and landlords, requiring digital records to be kept and prescribed quarterly online reports to be made to HMRC. You’ll be in the first group if your turnover from trading and property income exceeds £50,000 in the 2024/25 personal tax year.

Please refer to our March 2025 personal tax newsletter for details. Please talk to us if you think any of the issues affect you.