Making Tax Digital for Property Investment
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.