Welcome to the Newsletter from Beatons Group
HMRC has reminded sole traders and landlords to act now to ensure they are ready for Making Tax Digital for Income Tax (MTD for IT), highlighting that a range of MTD software is available for taxpayers to utilise.
Sole traders and landlords given MTD warning
Sole traders and landlords have been warned they need to act now to be ready for MTD for IT.
HMRC is reminding those earning more than £50,000 from self-employment and property of major changes from 6 April 2026. They will need to use recognised software to keep digital records and send light-touch quarterly updates of their income and expenses.
The tax authority says these are not extra tax returns.
Free software options are available and once income and expenses are recorded, the software generates a simple summary to send to HMRC.
HMRC says that at the end of a tax year, those within MTD for IT will still need to file a tax return by the following 31 January. However, the software will already hold the information from the quarterly updates, meaning no last-minute hunt for records or receipts.
Craig Ogilvie, HMRC's Director of MTD, said: 'With two months to go until MTD for IT launches, now is the time to act. A range of software is available and the system is straightforward and helps reduce errors. Thousands of volunteers have already used it successfully.
'This will make it easier for sole traders and landlords to stay on top of their tax affairs and help ensure everyone pays the right amount of tax.
'Spreading your tax admin throughout the year means avoiding that last minute scramble to complete a tax return every January. Go to GOV.UK and start preparing today.'
IN THE NEWS
Fiscal policy 'needs a rethink', says business group
The Institute for Fiscal Studies (IFS) has warned the government that the UK's current fiscal policy 'needs a rethink'.
Click here for the full story
Uncertainty hanging over UK trade prospects
UK import and export trade prospects remain uncertain, according to the British Chambers of Commerce (BCC).
Click here for the full story
Government urged to scrap 'unfair holiday tax'
Over 200 hospitality and leisure CEOs have urged the government to scrap plans for a Visitor Levy in England.
Click here for the full story
HMRC urges young people to claim Child Trust Funds
HMRC is urging young people who have yet to claim their Child Trust Fund (CTF) to do so.
Click here for the full story
Apprenticeship system reform must go further
The government must reform the apprenticeship system to make it fit for the 21st Century, according to a new report published by the British Chambers of Commerce (BCC).
Click here for the full story
ESSENTIAL TAX DATES FOR MARCH
1 March
New Advisory Fuel Rates (AFR) for company car users apply from today.
3 March
5% late payment penalty on any 2024/25 outstanding tax which was due on 31 January 2026 and still remains unpaid.
19 March
PAYE, Student loan and CIS deductions are due for the month to 5 March 2026.
31 March
End of corporation tax financial year.
End of CT61 quarterly period.
Filing date for Company Tax Return Form CT600 for period ended 31 March 2025.
Last minute planning for tax year 2025/26 - please contact us for advice.
QUOTE OF THE MONTH
'The Spring Forecast should be a critical delivery moment for the government's growth mission.'
Ben Jones, Senior Lead Economist at the Confederation of British Industry (CBI), commenting on data from the Office for National Statistics (ONS) that showed that the UK economy grew by 0.1% in the final quarter of 2025.
ON OUR WEBSITE
A wealth of resources for businesses
With topics ranging from the Bribery Act 2010 to the National Minimum Wage and the National Living Wage, the Your Business section of our site is a hub of essential information.
Useful information for individuals
For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.