Making Tax Digital Update for landlords

It's been a while since we have written an update about Making Tax Digital, however, there has been some recent news which we wanted to share with you.

The government has now announced that if you are a landlord or unincorporated business with total property or business income of above £10,000 per year, you must submit Income Tax Self Assessments online from April 2023. 

We wrote an article in 2019 that explains more about Making Tax Digital and how to be compliant, it may be worth reading this to remind yourself what the requirements are.

How will Making Tax Digital work?

You will need to submit a quarterly summary of your income and expenses to the HMRC using Making Tax Digital compliant software. Have a look at this website; you can search for record-keeping software and bridging software – Find Software that is compatible with MTD for VAT.

Once you have logged your income and expenses electronically, you will receive an estimated tax projection for the year based on the information provided. The government believes that this will help you to manage your tax affairs more efficiently and you will get up to date information on any tax liabilities due.

At the end of the financial year, any extra income can be added and submitted using the compatible software this will replace the need for submitting a self-assessment tax return. However, it is important to note that the payment and submission deadlines are still the same, so 31^st January and 31 July, of each year.

There are some live webinars being run by the HMRC which give an overview of Making Tax Digital and  the latest position regarding Income Tax Self-Assessment – Help and support for Making Tax Digital

If you are a landlord or property investor and want to find out more about making tax digital, please do contact us.

You can call 01623 490 120 or email This email address is being protected from spambots. You need JavaScript enabled to view it..