1

It starts in April 2026. If your gross income from self-employment or property exceeds £50,000, you’ll be required to comply.

2

Quarterly updates replace annual returns. You’ll submit four quarterly summaries plus an end-of-year declaration - six submissions per year.

3

Digital records are mandatory. Spreadsheets and paper records won’t be accepted. You’ll need to use HMRC-approved software.

4

Gross income includes all relevant sources. £30k rental income + £25k freelance income = £55k → you’re in scope.

5

There are real risks if you delay. Late or incorrect submissions could lead to penalties, errors, or cash flow surprises.