Making Tax Digital for Property Landlords
You will probably be aware that Making Tax Digital (MTD) became compulsory for all VAT registered business (regardless of turnover) in April of this year.
The new rules require all qualifying businesses to use HMRC compliant software such as Intuit QuickBooks, Xero, Sage, Dext with Receipt Bank or FreeAgent, etc., or face penalties for non-compliance.
In April 2024, MTD for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year.
Deciding on the right software for your business, tidying-up your bookkeeping and transferring your accounting records to MTD can be daunting and time-consuming tasks, especially when trying to keep on top of the day-to-day running of your business – Folkes Worton can help.
We are accredited with many of the HMRC compliant packages, with the specialist knowledge to help you make the right choices and prepare in good time for when the new rules become compulsory for landlords.
So, what happens if you don’t want to adopt HMRC compliant software? No problem, we have a VAT and Tax submission service that is compliant with MTD.
If you would like to learn more, or talk to one of our friendly and helpful accountants, please do not hesitate to call us on 01384 376964
Folkes Worton LLP Chartered Accountants
Accounting for the Future