Published: 21/11/2022In April 2024, all landlords with an income of over £10k will have to comply with a scheme called Making Tax Digital (MTD).
Here’s a rundown of what MTD is and what it means for landlords.
MTD is a digital tax filing system which HMRC claims will make things easier and more efficient.
Under MTD, people who self-assess, such as landlords, will be required to keep digital records of all income and expenses.
Who will be most affected?
If you already use software to keep track of all your property-related admin, the changes won’t be such a big leap for you.
But if you’re someone who typically scrambles at the last minute to meet your tax deadline, you’ll have to adapt.
If you fall into the latter category, it’s worth doing your homework on MTD now.
This will give you time to get the right software and familiarise yourself with how to use it.
For more information about becoming a tax-efficient landlord, contact us today.