TaxSimba — MTD Qualifying Income Explained — Does the £50,000 Rule Apply to Me?
Preparation worksheet

Optional offline planning aid, not a tax return or filing confirmation.
Keep completed notes securely; never include passwords or one-time codes.

WORK THROUGH THIS EXAMPLE
Your latest trade receipts are £22,000, but the HMRC notice uses an earlier return. Put each year’s trade and property income on a separate line before comparing a threshold. Mixing this year’s trade receipts with last year’s rent creates a total that belongs to neither year.

DECISION TO RESOLVE
Which completed return and income sources support the start date in your notice?

YOUR POSITION
Relevant year and source: ____________________
Evidence supporting your answer: ____________________
Missing item and who will obtain it: ____________________
Deadline or next review date: ____________________

1. Assessment tax year
Notes: ______________________________

2. Gross income from each sole trade
Notes: ______________________________

3. Property income and ownership shares
Notes: ______________________________

4. PAYE and other excluded income kept separate
Notes: ______________________________

5. Start date, exemption questions and HMRC correspondence
Notes: ______________________________

Actions agreed and responsible person:
____________________________________

Guide: https://taxsimba.co.uk/blogs/mtd-qualifying-income
Check the current guide and official sources before relying on a deadline or process.