Have you got FOMO?
According to figures by the Low Incomes Taz Reform Group (LITRG), around 110,000 taxpayers who must take part in Making Tax Digital (MTD) have still not registered with HMRC.
HMRC’s own reports suggest that the vast majority (69%) of MTD sign-ups have been ‘agent-led’ e.g. through accountants and tax advisors like us! That means there are a vast number of sole traders and landlords out there who are not ready for the submission deadline of 7th August 2026.
You might not think that these people are ‘missing out’, but that’s because most of what you hear about MTD revolves around deadlines, software, submissions and how to ensure you are compliant. All very important things to know, but essentially, it’s turned MTD into yet another administrative burden for landlords and sole traders.
What No One’s Telling You About MTD
MTD isn’t just a shift in the way that tax is filed. It represents a much larger change in how financial information is seen, shared and understood. MTD is moving HMRC closer than ever to real-time visibility of business finances and that changes everything.
No longer can finances be ‘tidied-up’ once a year in one almighty effort to pull things together (and adjust them) at the last minute. Now that updates are more frequent and records are digital, there’s really no way to hide from messy finances. This doesn’t create new problems for businesses, it simply exposes the ones that were already there.
You shouldn’t be running your business on out-of-date information from the previous year without a real understanding of how today will affect the bottom line. By keeping your finances current, you can see your business in a clearer, more measurable way.
Suddenly, you can spot dips in cash flow before they turn into a problem. That unpaid invoice won’t become embarrassingly late to chase and you can make quicker decisions with a greater sense of control.
You might not think you’re missing out by not signing up to MTD, but it’s a bit like driving without your dashboard working. You’re still moving, you just don’t really know how fast, or how well.