[UK] HMRC heads-up for self-employed people earning £50k+

In the UK, HMRC has issued a warning to self-employed people with earnings above £50,000. Telling them to 'get ready' for changes to the way they submit their records, Yahoo reports.

In a post to its Twitter account, HMRC said, "Self-employed and earn over £50k? Get ready for Making Tax Digital.

"You'll keep digital records, receive helpful prompts, and submit quarterly updates.

"Gaining more confidence and control in your numbers to save time at year-end."

According to Gov.uk, from April 6, 2026, certain people will have to use the 'Making Tax Digital for Income Tax' system.

The change will reportedly affect anyone who is registered for Self Assessment, gets income from self-employment or property, or both, before April 6, and has a qualifying income of more than £50,000 in the 2024 to 2025 tax year.

Certain steps must be taken by those who need to use the system.

Gov.uk said, "You need to submit your Self Assessment tax return for the 2024 to 2025 tax year by January 31, 2026.

"We will review your return and check if your qualifying income is more than £50,000.

"If it is, we will write to you and confirm that you must start using Making Tax Digital for Income Tax by April 6, 2026.

"If you have an agent, they can do this on your behalf.

"You or your agent must find software that works with Making Tax Digital for Income Tax and authorise it.

"You or your agent must sign up for Making Tax Digital for Income Tax."

Source: Yahoo

(Quotes via original reporting)

In the UK, HMRC has issued a warning to self-employed people with earnings above £50,000. Telling them to 'get ready' for changes to the way they submit their records, Yahoo reports.

In a post to its Twitter account, HMRC said, "Self-employed and earn over £50k? Get ready for Making Tax Digital.

"You'll keep digital records, receive helpful prompts, and submit quarterly updates.

"Gaining more confidence and control in your numbers to save time at year-end."

According to Gov.uk, from April 6, 2026, certain people will have to use the 'Making Tax Digital for Income Tax' system.

The change will reportedly affect anyone who is registered for Self Assessment, gets income from self-employment or property, or both, before April 6, and has a qualifying income of more than £50,000 in the 2024 to 2025 tax year.

Certain steps must be taken by those who need to use the system.

Gov.uk said, "You need to submit your Self Assessment tax return for the 2024 to 2025 tax year by January 31, 2026.

"We will review your return and check if your qualifying income is more than £50,000.

"If it is, we will write to you and confirm that you must start using Making Tax Digital for Income Tax by April 6, 2026.

"If you have an agent, they can do this on your behalf.

"You or your agent must find software that works with Making Tax Digital for Income Tax and authorise it.

"You or your agent must sign up for Making Tax Digital for Income Tax."

Source: Yahoo

(Quotes via original reporting)