Landlords - Plan the Foundations
Making Tax Digital is looming. By April 2024 all landlords with an income of over £10,000 will have to keep their records digitally and start to submit quarterly data to HMRC.
And, in light of these changes, our MD Jill Evenden says now is the right time to think and to plan:
"When Making Tax Digital came in for VAT we worked with our clients well in advance so by the time it arrived there were no surprises and our clients took the new rules on board with ease. I really advise you do the same now with your property income"
So, What Rules Are Coming In?
If you have property income of over £10,000 from April 2024 you will have to do the following:
1) Keep your accounting records digitally
2) Register for Making Tax Digital with HMRC
3) Prepare and submit quarterly returns to HMRC
At Jill's most recent webinar, she explained why planning now will ultimately save you time and cost and advised not to wait until April 2024 to start the all-important process. She emphasised looking at the options now as to which software you will use and perhaps start to us it from April 2023. Whilst you won't have to file the quarterly returns, you will then get used to a new way of keeping your books and records, and when the HMRC portal is open, the software will do the hard work for you.
If you wish to know more about this and what Jill and her team can offer in support please e mail Jill on firstname.lastname@example.org
"There are benefits from keeping records digitally. Ultimately it will save you both time and cost"