HMRC urges action after August deadline passed

The first Making Tax Digital quarterly update deadline passed on August 7, affecting sole traders and landlords with a turnover over £50,000 in the 2024/25 tax year. HMRC is warning those who missed the deadline to act quickly. The new system requires digital record-keeping and quarterly updates, marking a significant change in tax reporting. Those who missed the deadline will not face penalties for late updates in the first tax year, but must still submit outstanding updates. The next deadline is November 7.