HM Revenue and Customs (HMRC) has issued advice to self-employed people with earnings above specific thresholds as the financial year comes to an end, instructing them to "get ready" for the "Making Tax Digital for Income Tax" system.

Post on X on Monday (March 31), HMRC gave an important message: "Self-employed and earn over £50k? Get ready for Making Tax Digital. You'll keep digital records, receive helpful prompts, and submit quarterly updates. Gaining more confidence and control in your numbers to save time at year-end."

The official Gov.uk website elaborates that this requirement applies to those enrolled in Self Assessment with income from either self-employment or property – or both – that surpasses £30,000.

The guidelines further clarify that starting next year, if you're in the Self Assessment system earning from self-employment or property before April 6, 2025, and "have a qualifying income of more than £50,000 in the 2024 to 2025 tax year", you'll need to switch to this system.

In addition, the post says: "You need to submit your Self Assessment tax return for the 2024 to 2025 tax year by 31 January 2026. We will review your return and check if your qualifying income is more than £50,000.

"If it is, we will write to you and confirm that you must start using Making Tax Digital for Income Tax by 6 April 2026. If you have an agent, they can do this on your behalf.

"You or your agent must find software that works with Making Tax Digital for Income Tax and authorise it. You or your agent must sign up for Making Tax Digital for Income Tax."