From April 2026, sole traders, landlords, and CIS subcontractors like you will no longer be able to rely on paper records or once-a-year tax returns. Instead, HMRC will require quarterly digital submissions using approved software, creating new costs and admin for you and millions of people - from those managing rental income, to subcontractors on building sites, to small business owners.
HMRC estimates 4.2 million taxpayers will be affected. And research shows 64.3% of businesses surveyed believe MTD will increase their admin burden. Are you that firm?
Here's a Simple Way to Save Money
You don't need to wait for HMRC's hammer to drop. The good news is that you can prepare now and avoid last-minute stress. By switching to digital systems early, you'll save time, reduce very costly mistakes, and spread out the learning curve before the rules become mandatory.
Take Sarah for example, a sole trader earning £55,000 a year. She used to keep physical receipts and hand them to her accountant every January. Unfortunately under MTD, this won't work anymore, and this is a problem she must find a way to fix.
Instead, she can:
- Subscribe to GetCoconut
- Start logging receipts using her app
- Schedule quarterly reviews with us to be on top of her numbers
By 2026, Sarah will be ready - and avoid both panic and higher costs. Are you ready?
For clear, practical financial guidance, get in touch with us. For GetCoconut, we can point you in the right direction too.
