Almost half of sole traders aren't prepared for MTD (according to survey)

According to new research from IRIS Software Group, who surveyed 1,000 UK sole traders, nearly half (45%) of UK sole traders – representing approximately 1.4 million businesses – say they feel unprepared for upcoming tax reporting changes, putting them at risk of non-compliance.

With less than a year to go before new Making Tax Digital (MTD) requirements for income tax come into effect, 55% of respondents said they feel prepared, leaving a significant portion still needing to take action. Almost one in three (31%) admitted they had never even heard of MTD.

If you are a sole trader or landlord (or know of anyone who is), please take a look at our MTD Hub, where there is tones of information about what the changes mean.

We are also hosting regular MTD drop-in clinics, for anyone who has questions about the upcoming changes. Dates are shown in the MTD Hub.