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In this article, we have collated useful articles, free downloadables, and additional resources on Making Tax Digital (MTD) for Landlords.
Written by
Ben Luxon
PUBLISHED ON
19
December
2022
We have collated useful articles and free resources on Making Tax Digital for Landlords.
Making Tax Digital is a shake-up of the UK taxation system. This will impact all landlords when it is rolled out. In this section, you’ll find our popular Making Tax Digital report which will help you get up to speed on the changes to come.
This guide sets out to clarify what landlords need to know about when MTD will impact their rental businesses and what they need to do to stay compliant with the new HMRC guidelines as well as the new penalties laid out by the HMRC for non-compliance.
Make sure you’re MTD ready and that you know everything you need to for the MTD deadline with our free checklist.
The HMRC has delayed the introduction of MTD until 2026, increased the income threshold, and will be introducing a phased implementation.
How HMRC is making it easier for individuals and businesses to get their tax right and keep on top of their tax affairs.
Testimonies from businesses on how Making Tax Digital and digital record keeping has worked for them.
Information for VAT businesses and other VAT entities on what they need to do to prepare for Making Tax Digital.
A series of videos exploring how Making Tax Digital works and why this new plan is being implemented.
You can see a list of all HMRC approved software here.
The new MTD rules are being phased in. Already, most VAT registered businesses need to be using MTD software.
From April 2019 if you’re VAT registered and earning above the threshold of $85,000 you need an MTD approved software
From April 2026 self-employed, with turnover above £50,000 per year.
From April 2027 Landlords with rental income above £30,000 per year will need MTD approved software.
Yes, we have plans to directly integrate with the HMRC''s system and will be HMRC approved before the 2026 deadline.
Digital records means you must keep records of all your transactions ina digital format.
The easiest solution is to adopt a cloud accounting software like Landlord Studio that allows you to track all your income and expenses on the go. This will also help ensure you can submit all your updates in a timely fashion, you will need to have systems in place to keep up to date books.
Keeping digital records is necessary so that the records can be sent to the HMRC either from the approved software you’re using or through a bridging software.
If you are currently using spreadsheets you can continue to use them. However, business records must be kept digitally to be compliant.
If you are using spreadsheets, the spreadsheets must be formatted to be able to submit the required data to HMRC digitally through third-party briding software.
Using a spreadsheet then is allowed however, the new rules will mean you’ll have to employ a bridging software anyway and it may be easier for you to find a landlord specific solution suitable for your needs and HMRC compliant.
Certain exemptions may be made for those taxpayers unable to use digital tools due to their religion, age, or disability.
HMRC will decide if you meet exemption criteria so check with them directly and don’t just assume you meet the criteria, you don’t want to end up with a penalty.
You can find out more about exemptions and apply for an MTD exemption here.
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