Businesses, self-employed people and landlords will be required:
- to operate MTD from 6 April 2026 in relation to their trading and property income chargeable to Income Tax and Class 4 National Insurance contributions, if their total qualifying income from these income sources for a tax year exceeds £50,000
- to operate MTD from 6 April 2027 in relation to their trading and property income chargeable to Income Tax and Class 4 National Insurance contributions, if their total qualifying income from these income sources for a tax year exceeds £30,000
- to operate MTD from 6 April 2028 in relation to their trading and property income chargeable to Income Tax and Class 4 National Insurance contributions, if their total qualifying income from these income sources for a tax year exceeds £20,000
They will:
- keep their records digitally
- provide digital quarterly updates
- be able to provide their MTD for IT return information to HMRC through MTD compatible software