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Making Tax Digital for Property Investment

“Instead of Making Tax Difficult, we’re Making Tax Easy, preparing our clients for MTD and saving them money with HMRC compliant solutions”

FOLKES WORTON LLP CHARTERED ACCOUNTANTS

MTD for ITSA will apply to all landlords whose total property and/or business income is above £10,000 per year. Landlords will be required to use software and digitally record all transactions.

  • Landlords will need to keep records of their property and/or business income and expenses in a digital format

  • Send quarterly updates of their property and/or business income and expenses to HMRC

  • Finalise their property and/or business income and submit an end-of-period statement (EOPS) and final declaration (which will replace the annual Self-Assessment tax return) to HMRC

For landlords with a combined business/property income of £10,000 or more a year, MTD for ITSA will come into effect on 6th April 2024.

  • For  Landlords we can support MTD for ITSA submissions when MTD ITSA legislation comes into effect in April 2024. At Folkes Worton, we will support the quarterly submissions, end-of-period statements and final declarations. In addition, our specialist will set-up your accounting software and provide training.

 This means that you will need the software that will:

  • Calculate the amount of each of these submissions, using the income and cost data that entered.
  • Generate each of these submissions in advance of the deadlines.
  • Allow you to make the relevant submissions directly to HMRC from within the software.

Why do you need the specialists at Folkes Worton:

Right now rules change all the time, around MTD we know about specific software such as ‘Hammock’. WE also keep up-to-date with all the MTD news, meaning you don’t need to waste your time doing so.

Meet the MTD Team

Matthew Morris FCCA CTA
Tax Partner
Richard Homer ACA
Accounts Manager
Jack Meredith ACA
Chartered Accountant
Ellie Smith ATT
Tax