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Millions of sole traders and landlords have just months to prepare for massive changes to the tax system that take effect next year.

From 6 April 2026, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will apply to sole traders and landlords whose combined gross income from self-employment and/or property exceeds £50,000 a year. If this applies to you, you’ll need to keep digital records and use HMRC-compatible software to submit four quarterly updates and then a ‘final declaration’ to HMRC each year. This will replace the current self-assessment tax return.

The Government claims MTD will “modernise the tax system” and “reduce the tax gap”. But critics says HMRC’s communication on the subject has been woefully lacking, with the new regime set to cost freelancers and landlords time and money.

Manase Mtopa, head of UK at accounting service Hnry, says: “Filing of taxes used to be a free service completed annually, so introducing the need to use software quarterly will invariably introduce costs to the taxpayer. The self-employed are often paying for a business bank account and accountant already so this is an unwelcome cost.”

Whatever your view, MTD is on its way and it’s best to prepare now.

Last week saw stock markets face an up and down time. The FTSE 100 rose midweek before being flat or falling on Thursday and Friday – it was lower for the week as a whole.

There are fewer big-name companies set to report earnings this time around, but Persimmon’s will give an indicator of Labour getting close (or not) to being able to hit that 1.5m new homes target of theirs.

The US market rose overall last week but remains subject to the whims and wonderings of the president, his tariffs and his capital letters on social media.

Good morning all and welcome to another week of business and finance coverage on The Independent.

Stock market news, UK economic updates, companies news and personal finance all heading your way over the coming hours.

Hope you all had a good weekend!