Britain’s army of white van men were urged to get on top of looming changes to how they deal with the taxman after figures showed only a small minority were ready.
Monzo bank figures found just 4 per cent of sole traders felt fully prepared for the Making Tax Digital reforms, with 60 per cent not prepared at all.
The Government called the new rules the most significant change to the income tax regime since self-assessment began in 1997. It could affect around 2.9million people.
Under the reforms, which apply to sole traders and landlords, individuals must maintain digital records and update HM Revenue and Customs every quarter.
Monzo’s findings suggest many self-employed tradespeople, including plumbers and builders, face a New Year scramble – as those with incomes of £50,000 or more will have to comply from April 2026.
Get ready: Britain’s army of white van men were urged to get on top of looming changes to how they deal with the taxman
The changes will filter to those earning less through 2027 and 2028.
Monzo’s survey found that 81 per cent of sole traders and landlords had first heard of Making Tax Digital only in the past six months.
Jordan Shwide, of Monzo Business, said: ‘The New Year is a great moment to get ahead of the upcoming requirements.’
Monzo is now offering its customers a tool to help business owners ‘file tax easily and securely’.
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