Mythbusting Making Tax Digital

Named as one of the biggest shake-ups in tax history, Making Tax Digital (MTD) will begin to come into effect from April 2026.

The changes will require you to report more regularly, but, despite the common myth that you will need to pay more, you will only have to submit estimates and your tax bill will be worked out in the usual way.

Another common myth we’ve heard is about MTD only applying to bigger businesses - but that is not true!

The changes are being phased in and the first phase will apply to landlords, sole traders and self-employed individuals whose total income from business and/or property is more than £50,000 a year.

Even if you are not affected straight away, it’s a good idea to start preparing early.

Read our full list of MTD mythbusters here https://monahans.co.uk/articles/myth-busting-making-tax-digital where you will also find more information about general advice and free sessions available to help you navigate MTD for your business.