Making Tax Digital and what every UK freelancer needs to do right now
Making Tax Digital (MTD) has been one of those phrases we’ve been hearing for ages now but we’ve all decided it didn’t need immediate action. As of April this year, that’s no longer true. If you’re a sole trader in the UK, HMRC has changed how you’re expected to manage your accounts and your tax affairs, and if you haven’t looked into it yet, you’ll want to read this all the way through.
MTD is a structural change to how often you report, the software you’re allowed to use, and how much ongoing admin your freelance business now has to deal with. Here’s what’s changing, who it affects first, and what to do about it this week, not next year.