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The first quarterly submission under Making Tax Digital for Income Tax is due 5 August 2026. Here is the work most UK sole traders still have not done — and the £100 penalty waiting on the other side.
Incorporation is sold a bit too cleanly in the UK. A realistic look at the 2026/27 tax maths, the three-month timeline, and four situations where going limited genuinely pays off — plus when to stay self-employed another year.
A step-by-step guide to setting up as a sole trader in the UK — from notifying HMRC to keeping records and paying tax.