Starting in April 2026, self-employed workers and landlords earning over £50,000 will transition to HMRC's Making Tax Digital reforms, requiring quarterly tax updates instead of annual returns. Research indicates many accountants view this as a significant challenge, with many feeling unprepared. Fines include a £100 immediate penalty for late submissions and daily fines reaching £900 if overdue. Accurate year-round record-keeping will be essential, particularly for those with multiple income streams, marking a substantial behavioral shift in tax reporting.
Self-employed workers and landlords earning over £50,000 a year will face fines of up to £900 if they miss new quarterly tax deadlines under HMRC's Making Tax Digital reforms.
Failing to file a return on time results in a £100 fine straight away. If the return is still outstanding after three months, daily £10 penalties start to add up, reaching up to £900.
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