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HMRC Revamps Self-Assessment: Quarterly Updates Required by 2024

2/21/2026

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Summary

Story summary

Starting this April, HM Revenue and Customs (HMRC) is overhauling the self-assessment system with Making Tax Digital (MTD), requiring self-employed individuals and landlords with income over £50,000 to submit quarterly digital updates.
The threshold will fall to £30,000 in 2027 and £20,000 in 2028.
Affected taxpayers must use compliant software to report income and expenses.
HMRC will waive penalties for late submissions during the first year.

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Story summary

Starting this April, HM Revenue and Customs (HMRC) is overhauling the self-assessment system with Making Tax Digital (MTD), requiring self-employed individuals and landlords with income over £50,000 to submit quarterly digital updates.
The threshold will fall to £30,000 in 2027 and £20,000 in 2028.
Affected taxpayers must use compliant software to report income and expenses.
HMRC will waive penalties for late submissions during the first year.