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2026-08-05 19:22 UTC → 2026-08-12 11:34 UTC ·
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HM Revenue & Customs continues to press UK sole traders and landlords earning over £50,000 to meet the The first Making Tax Digital (MTD) quarterly filing deadline of for 864,000 UK sole traders and landlords earning over £50,000 passed on 7 August 2026. Surveys show 25‑55 % remain unregistered, with roughly 216 000 of the 864 000 eligible businesses still unprepared. HMRC estimates Data from HM Revenue & Customs (HMRC) indicates that about 282 000 have signed up, while other communications cite 387 000 or “over 864 000” as already registered, highlighting a gap between official counts and industry data. The agency also reminds all Self‑Assessment taxpayers fewer than half of the 31 July 2026 payment‑on‑account affected taxpayers met this initial deadline, urging use of with approximately 436,000 individuals submitting updates on time. While registration numbers have fluctuated in official reports, recent data shows 570,000 individuals have registered for the HMRC app, GOV.UK One Login, or payment plans to avoid cash‑flow pressure. Late Self‑Assessment returns incur an initial £100 penalty plus daily £10 fines (up to £900) and subsequent 5 % charges after six and twelve months. system. To boost compliance, Tide runs free ice‑cream‑themed advice sessions in London (Victoria Station and Broadgate, 23‑24 July) and other cities, while Lloyds Bank offers MTD‑enabled Business Accounts at no extra cost. New assist with the transition, software solutions such as CleanBooks MTD, launched MTD—launched by The Tax Guys and Moneyhub Partners, Partners—has been introduced to automate record‑keeping income tracking and quarterly updates. real-time tax estimates. HMRC also alerts side‑hustlers earning more than £1,000 to register has implemented a 12-month ‘soft-landing’ period for Self‑Assessment by 5 October and notes that about 300 000 taxpayers the 2026/27 tax year, during which no penalty points will have Child Benefit details pre‑populated on returns from mid‑July. The combined pressure of be issued for late quarterly updates. However, the August MTD deadline and July payment deadline is expected Association of Chartered Certified Accountants (ACCA) has cautioned taxpayers to create significant compliance maintain digital record-keeping obligations and cash‑flow challenges warned against submitting ‘nil’ placeholder returns to avoid issues. Looking ahead, HMRC announced it will begin automatically enrolling eligible taxpayers in September 2026. The agency also confirmed that a points-based penalty system for many small businesses. missed quarterly deadlines will be strictly enforced starting from 6 April 2027.