HMRC's New Rules Explained — Ep 65

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HMRC's New Rules Explained — Ep 65

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HMRC's Making Tax Digital for Income Tax is finally here after 11 years of delays — and if you're a sole trader earning over £50K, the clock is already ticking. Matt and Charlie break down what it actually means, who it hits, and why limited company directors like them won't be losing sleep over it (yet).Takeaways:🧾 MTD for Income Tax kicks in at £50K from April 2026, dropping to £30K in 2027 and £20K in 2028 — quarterly reporting is coming for almost every sole trader⛽ Fuel duty is hammering small businesses running vans and vehicles, with over 53p per litre going straight to the treasury before you've even started💸 The UK's tax gap sits at £46.8 billion — small businesses account for 60% of it, and that's exactly why HMRC is tightening the screws🏭 Charlie's making moves on a new warehouse unit — weighing up the cost vs the growth opportunity and whether to pull the trigger🏃 The British Business Running Club leaderboard gets a mention — Matt's top, Jacob's second, and Charlie's... working on itFollow Matt:📸 Instagram - https://www.instagram.com/mrmattholland/👨‍💻 LinkedIn - https://www.linkedin.com/in/mrmattholland/📱 TikTok - https://www.tiktok.com/@mrmattholland❌ X - https://x.com/mrmattholland1Follow Charlie:📸 Instagram - https://www.instagram.com/theworkwearexpert👨‍💻 LinkedIn - https://www.linkedin.com/in/charlie-smith-1a55295b/

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