Making Tax Digital (MTD) is the first phase of the move towards a modern, digital tax service fit for the 21st century. Millions of businesses are already seeing the benefits of using MTD with time saved and reduced errors when submitting their tax returns. More than 11 million returns have been submitted since MTD launched in 2019.
From April 2024, all landlords with income above £10,000 a year will have to follow MTD rules. This means using software to keep digital records and sending Income Tax updates instead of filing a Self Assessment tax return.
HMRC is supporting landlords to help them prepare for MTD. If you’re a landlord who this applies to you can find out more information by visiting https://www.gov.uk/guidance/sign-up-your-business-for-making-tax-digital-for-income-tax
You can also speak to HMRC’s MTD experts at the Landlord Expo Show about the steps you can take to get ready.