With sweeping changes to tax reporting for self employed taxpayers and landlords with income over £50,000 due to come into force from April 2026, the leading professional bodies, including ICAEW, CIOT, ICAS, ACCA, ATT, AAT and STEP, have issued guidance on the topic as part of the Professional Conduct in Relation to Taxation (PCRT).

Some of the key issues addressed include responsibility for oversight of client data, checking veracity of client submissions, and a strongly worded warning not to submit ‘nil’ quarterly updates, particularly as HMRC will not allow these to be amended and this could result in penalties.

In response to concerns about how Making Tax Digital (MTD) for Income Tax will affect the PCRT, the revised guidance is provided in the form of a series of frequently asked questions (FAQ).