Breaking News
Almost Half of Self-Employed Brits Don’t Understand Making Tax Digital Requirements
With the Making Tax Digital (MTD) for Income Tax deadline looming for many self-employed Brits, new data shows a shocking lack of awareness around what it means.
New research among those in self-employment found that almost half (42%) don’t understand what is required of them for Making Tax Digital, while over a third (37%) don’t understand the threshold.
MTD becomes mandatory on 6 April 2026 for self-employed individuals and landlords with incomes over £50,000, requiring digital record-keeping and quarterly updates. Deadlines for quarterly submissions are 7 August, 7 November, 7 February, and 7 May. The threshold drops to £30,000 in April 2027, and to £20,000 in April 2028.
A core requirement for MTD is having HMRC-compliant accounting or ‘bridging software’ to report quarterly income and expense summaries under the new rules. However, over a third (35%) of self-employed Brits don’t have this software and don’t have any plans to get it.
Mike Parkes, technical director at Coconut, record-keeping software approved for Making Tax Digital, which commissioned the research, said:
“With quarterly reporting becoming the norm and each Making Tax Digital deadline coming round quicker than you think, now’s the time to get your business set up properly. At its core, MTD is HMRC’s push to move tax reporting fully online. If you’re still juggling spreadsheets, paper receipts and invoices, this is the moment to change that. MTD requires digital income and expense records, a clear audit trail and software that links directly to HMRC.
“MTD isn’t going anywhere, but that doesn’t mean it has to take over your life. With the right setup, clear processes and a bit of forward planning, quarterly reporting becomes just another small task, not a looming threat.”
To find out how much you understand Making Tax Digital, take Coconut’s MTD Quiz here: https://www.getcoconut.com/making-tax-digital-quiz
People In This Post
Companies In This Post
- TradeStation Expands into Europe, Unlocking Full U.S. Trading Experience for Retail and Institutional Investors Read more
- ING Hires Aled Patchett to Lead UK Sector Strategy Read more
- Prosci: Mitigating Human-Side Friction: Deploying Research-Backed Change Management and Executive Coaching Rails Read more
- MNP and Caseware Partner to Build the Future of Agentic Audit Read more
- Driving Sustainable Profit in Fintech with Torus, payabl., and Raiffeisen Bank International Read more
MNP and Caseware Partner to Build the Future of Agentic Audit
Caseware, the leading AI platform for assurance and financial reporting, today announced, two major milestones with MNP, one of the largest professional services firms in Canada. MNP has selected Caseware to further its audit transformation, deploying Caseware’s full Cloud Engagement Solutions suite across its practice. Simultaneously, MNP has joined the Caseware Agentic Pioneer Program as a founding member — a strategic co-development partnership that will see MNP build and deploy firm-specific AI agents on Caseware’s governed AI platform. Together, these agreements mark a significant step in MNP’s evolution into a cloud-first, AI audit practice.
Satispay Targets up to €120 Million to Support New Financial Services Push
Momentum S.p.A. (the “Company”) — the holding company of Satispay Group, a European fintech platform combining payments and financial services — announces that, as of today, the Shareholders’ Meeting has been convened, in both ordinary and extraordinary session, for 29 June 2026. Among the items on the agenda is a resolution regarding a capital increase, to be offered as a pre-emptive right to existing shareholders, for a maximum amount of €120 million, to support the acceleration of the Company’s growth strategy and evolution into a comprehensive financial platform.
GoHenry to Join Barclays to Help Even More UK Kids Get Smart With Money
GoHenry is entering into an agreement to be acquired by Barclays to accelerate its mission to make every kid smart with money
Innovate Finance Launches 4th Annual Pride in FinTech PowerList 2026, With New Mentorship Programme and Leadership Council
Innovate Finance is proud to announce the launch of the fourth Pride in FinTech Powerlist 2026, alongside two landmark new initiatives
Migratum Launches App Across Five Markets Naming A New Category: Identity and Financial OS for the World’s Migrants
Migratum announced the public launch of its platform and mobile application marking the first deployment of a fully integrated identity and financial operating system
Fitch Solutions Launches Corporates Scorecard To Enhance Credit Risk Decisions
Fitch Solutions, a leading global provider of insights, data, and analytics, has launched its new Corporates Scorecard, allowing clients to make better-informed credit risk decisions across their entire portfolio of rated and unrated corporate entities.
HABIBMETRO Bank Selects BPC’s SmartVista to Power Next-Generation Issuing and Payments Innovation in Pakistan
Habib Metropolitan Bank (HABIBMETRO), one of Pakistan’s leading trade finance banks, has selected BPC’s next-generation SmartVista platform to power its issuing capabilities and enhance transaction processing. This move is part of a broader digital transformation journey to creating a scalable, future-ready technological foundation for payments and digital services growth.
TradeStation Expands into Europe, Unlocking Full U.S. Trading Experience for Retail and Institutional Investors
TradeStation Group, Inc. (“TradeStation”) today announced the launch of TradeStation Europe B.V. (“TradeStation Europe”), a fully licensed MiFID Investment Firm in the European Union, regulated by the Dutch Authority for the Financial Markets (AFM) in the Netherlands, to operate as an investment services firm in Europe.
ING Hires Aled Patchett to Lead UK Sector Strategy
ING has appointed Aled Patchett as Head of Sectors UK, as the bank steps up its push to deepen client coverage and drive cross-product growth in the UK market.
Prosci: Mitigating Human-Side Friction: Deploying Research-Backed Change Management and Executive Coaching Rails
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
MNP and Caseware Partner to Build the Future of Agentic Audit
Caseware, the leading AI platform for assurance and financial reporting, today announced, two major milestones with MNP, one of the largest professional services firms in Canada. MNP has selected Caseware to further its audit transformation, deploying Caseware’s full Cloud Engagement Solutions suite across its practice. Simultaneously, MNP has joined the Caseware Agentic Pioneer Program as a founding member — a strategic co-development partnership that will see MNP build and deploy firm-specific AI agents on Caseware’s governed AI platform. Together, these agreements mark a significant step in MNP’s evolution into a cloud-first, AI audit practice.
Driving Sustainable Profit in Fintech with Torus, payabl., and Raiffeisen Bank International
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
Eastnets: Navigating the New Era of Instant Payments and Global Fraud Prevention
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]
The Dual-Edged Sword of Artificial Intelligence: Structuring Governance Protocols for High-Velocity Financial Solutions
Share this post: Share on LinkedIn Share on X (Twitter) Share on Facebook Share on […]