More than half of UK SMBs admit they're not ready for new digital tax deadline

• MTD affects UK SMBs and sole traders who earned more than £50,000 in revenue
• 55%, or 475,000, are still unprepared for the upcoming August 7 submission
• Lloyds warns many business owners still see it as a major source of confusion

More than half (55%) of Britain's small businesses that are affected by the new Making Tax Digital (MTD) for Income Tax rules are not yet fully prepared for the first submission deadline on August 7 2026, new research has claimed.

Using HMRC estimates, Lloyds Bank warns this could represent nearly half a million (475,000) sole traders, landlords and small businesses.

The first cohort of taxpayers required to follow HMRC's new MTD rules will be those with an annual revenue of at least £50,000, with subsequent years affected workers with a £30,000 revenue and then £20,000.

UK's SMBs aren't ready for MTD next month

Making Tax Digital's requirements for multiple annual...

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