Are you worried about the impending changes to the tax reporting system? It's going to involve a lot more paperwork... Unless you use landlord software. Get organised, manage every aspect of your properties in one place and be ready for Making Tax Digital effortlessly.
Landlord Vision has been making tax returns easy for landlords since 2013 by calculating the required data for the Self Assessment form for UK property - SA105. To prepare for the future, we've made Landlord Vision compatible with Making Tax Digital for Income Tax. You can send quarterly income tax updates, finalise your business income at the end of your accounting period and submit a final declaration (replaces the Self Assessment tax return) directly through Landlord Vision with just a few clicks. Goodbye old tin full of receipts, hello efficient, sleek, time saving software.
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Making Tax Digital is being rolled out in stages. In April 2019 it became compulsory for VAT registered businesses to submit tax returns digitally using MTD software. The plan was supposed to roll out to individual tax payers in April 2020, but this has been postponed until at least April 2023.
The only landlords who are exempt from MTD are those with an annual income of less than £10,000. This is the income from all properties and not just the profit figure. If you have income from self employment as well as your property income it's likely both of these will be taken into account when assessing your eligibility.
As well as using software to submit your tax returns to HMRC's digital system you'll need to keep digital records. The government haven't yet shared many details around this, previously they revealed it would mean keeping receipts in digital format and keeping digital income and expense records for individual properties.
