When it comes into effect in April 2024 Making Tax Digital for income tax self-assessment (MTD for ITSA) will bring a significant upheaval of tax compliance for individuals with trading or property income.
Instead of filing one tax return a year individuals in scope will have to use specialist software to keep records digitally file quarterly updates with HMRC and make their end of year tax submissions.
Much of the focus to date has been on the impact of MTD for ITSA on the self-employed. However it will also affect a large number of individuals in receipt of property income (referred to as ‘landlords’ for simplicity in this article). As discussed below any landlord receiving more than £833 a month in rent (possibly even lower if they have other sources of rental or trading income) is likely to be within scope of MTD. Given...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.