Barnet sole traders and landlords face first Making Tax Digital deadline
Quarterly HMRC submissions replace annual tax returns for those earning over £50,000 from 7 August 2026
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Sole traders and landlords in Barnet face a new tax reporting requirement from next summer. HMRC’s Making Tax Digital rules will apply to those earning more than £50,000 a year from self-employment or property. The first quarterly submission deadline is 7 August 2026.
The change replaces the annual Self Assessment process for affected individuals. Instead of filing one tax return at the end of the year, they must keep digital records and submit summaries to HMRC every three months. The rules cover a range of professions, including tradespeople, freelancers, shopkeepers, and landlords in areas such as Finchley, Edgware, and Hendon.
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Local businesses may be unprepared
David Ashdown, director of tax compliance firm We Are MTD, said many in Barnet’s business community have not yet focused on the new requirements. He told the Times Series that the borough has a high number of sole traders and small business owners who may not have set aside time to prepare.
This is not just another tax deadline. It is a different way of keeping records and reporting information during the year.
David Ashdown, We Are MTD
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Ashdown warned that the transition would not be straightforward. Setting up digital records, maintaining quarterly submissions, and making year-end adjustments would require planning. He urged those unsure whether the rules apply to check their status immediately.
Who is affected and what they must do
The threshold of £50,000 applies to income from self-employment or property. Those below this level are not required to comply with the new rules. HMRC has published guidance on its website, including details on compatible software and submission processes.
We Are MTD, which operates a helpline on 020 8191 3456, offers practical support for businesses adapting to the changes. The firm’s website, WeAreMTD.co.uk, provides further information on compliance requirements.
What happens next
The first quarterly submission deadline is 7 August 2026. Businesses and landlords affected by the rules must ensure their digital record-keeping systems are in place before then. HMRC has not indicated any plans to delay the implementation date.
Questions this report answers
+Who exactly has to start submitting quarterly tax updates?
Sole traders and landlords in Barnet earning over £50,000 a year from self-employment or property must submit quarterly digital tax updates to HMRC. This includes tradespeople, freelancers, shopkeepers, and landlords across areas like Finchley, Edgware, and Hendon.
+What happens to the annual Self Assessment process for those affected?
The annual Self Assessment process is being replaced by quarterly digital submissions under the new Making Tax Digital rules. Affected individuals must now keep digital records and send summaries to HMRC every three months instead of filing one return at year-end.
+When is the first deadline for these quarterly submissions?
The first quarterly submission deadline is 7 August 2026. HMRC has not indicated any plans to delay this date, so businesses must ensure their digital systems are ready in time. This marks the start of the new reporting requirement for affected sole traders and landlords.
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