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The Institute of Chartered Accountants in England and Wales (ICAEW) is urging taxpayers who are required to use Making Tax Digital (MTD) for Income Tax from April 2026 to sign up now if they haven't done so already.
ICAEW encourages taxpayers to sign up to Making Tax Digital
Taxpayers who are required to use Making Tax Digital (MTD) for Income Tax from April 2026 should sign up now if they haven't done so already, says the Institute of Chartered Accountants in England and Wales (ICAEW).
Taxpayers who had combined gross income from sole trades and property businesses of more than £50,000 for 2024/25 must use MTD for Income Tax from April 2026.
More taxpayers will be required to use MTD from April 2027 and April 2028. Taxpayers who are not required to use MTD for Income Tax can volunteer to do so.
HMRC estimates that approximately 864,000 taxpayers are required to use MTD for Income Tax from April 2026. The ICAEW says that approximately only 280,000 taxpayers have signed up so far, with 30,000 taxpayers having done so voluntarily.
The Institute said: 'The ICAEW is encouraging taxpayers who have yet to sign up to MTD for Income Tax to do so in good time in order to submit their first quarterly update by 7 August 2026. By signing up in advance of the first filing deadline, taxpayers and agents will give themselves more time to deal with any issues that may arise.'
IN THE NEWS
Late payment legislation is 'historic' moment
The UK government's formal commitment to legislation to stamp out late payments is an historic moment, according to the Federation of Small Businesses (FSB).
Click here for the full story
Record number of taxpayers file self assessment in April
A record 737,891 taxpayers filed their 2025/26 self assessment returns in April, according to figures from HMRC.
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Government must fix 'broken business rates'
The government must take the chance to fix the UK's broken business rates system, says the British Chambers of Commerce (BCC).
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HMRC reminds parents to extend Child Benefit claims
HMRC is reminding parents of 16-19-year-olds to extend their Child Benefit claim if their teenager is staying in certain types of education or training after their GCSEs or National 5s.
Click here for the full story
Small firms pushed out of EU markets by red tape and rising costs
Red tape, rising costs, and complex rules are pushing small firms out of EU markets, new research by the FSB has warned.
Click here for the full story
ESSENTIAL TAX DATES FOR JUNE
1 June
New Advisory Fuel Rates (AFR) for company car users apply from today.
19 June
PAYE, Student loan and CIS deductions are due for the month to 5 June 2026.
30 June
End of CT61 quarterly period.
QUOTE OF THE MONTH
'Businesses are keenly aware of ongoing political volatility at home and are clear about the need for stability to protect investor confidence and breathe new life into the country's growth mission. Firms want to go for growth, but they need strong leadership from government to reform an unfair business rates system, lower business energy bills, and find appropriate landing zones on the Employment Rights Act.'
Rain Newton-Smith, Chief Executive at the Confederation of British Industry (CBI), responding to the King's Speech on 13 May.
ON OUR WEBSITE
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