First filing deadline is 7 August but landlords confused over dates
One in four landlords and sole traders earning £50,000 or more a year have yet to sign up for Making Tax Digital despite the first filing deadline rapidly approaching on Friday, August 7.
Extrapolated to the estimated 864,000 that qualify for MTD in 2026, that leaves 216,000 yet to sign up and submit their first update.
Tide surveyed 500 UK sole traders and landlords in the MTD earnings bracket and found that the South East (46%), North West (29%) and London (26%) had the lowest sign-up rates, while one in five (22%) were unaware of the August 7 deadline.
85% said they weren’t aware how often they’ll need to file – which is five times a year. One in three (31%) believed that they need to file eight times a year or more.
They estimated spending six full days over the next year on MTD-related admin, which will cost around £1.5 billion in lost revenue across qualifying UK businesses in MTD’s first year, said Tide.
Nearly half (44%) said they’ll have to handle MTD admin during normal working hours, while a third (32%) expected to do it in time off.
MTD insights on tour
From 20 July, Tide experts will be touring in a branded ice cream van, accompanying free ice cream with Making Tax Digital (MTD) insights. They will be stopping in New Cathedral Street in Manchester on 20-21 July, London Victoria on 23 July, London Broadgate on 24 July and New Road in Brighton on 25th July to help raise awareness and provide advice.
Tide current account holders can manage and automate digital records and submit MTD returns using Tide’s HMRC-recognised tool available within its app.
George Schmidt, CEO UK/Europe at Tide, said: “No one wants to be thinking about tax over summer, but we can’t escape the fact that Making Tax Digital is here and the first deadline is just days away.
“The first wave of business owners need to ensure they are signed up with HMRC and file on time, to avoid penalties that accumulate with each missed deadline. It is a worry that so many still aren’t ready for the switch, but we hope that over the coming days we can raise awareness, spread some joy and, importantly, help people to make their first submission, so they can get on with enjoying their summer.”
