Landlord should keep digital tax records?

  • 23/07/2017
  • CoreAdviz Accountants

Do you know how HMRC initiative of MTD (making tax digital) project will impact you as landlord?

The consultation with HMRC and various letting associations are introducing the initiative

Extension of Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) to Self-Employed Business and Landlord

News update 2022: MTD ITSA is extended for a year later, in April 2024 instead of April 2023.

From 2019; Under a new timetable to implement the change, only landlords and businesses with a turnover above the VAT threshold (currently £85,000) will have to keep digital records and only for VAT purposes and they will only need to do so from 2019.

From 2010; Ministers had previously said it would apply to those with turnover above £10,000. Businesses and landlords will also not be asked to keep digital records, or to update HMRC quarterly, for other taxes until at least 2020.

Sourced Transcripts of House of Common and RLA: