Landlords and sole traders will be legally obliged to submit tax returns every 3 months using accounting software approved by HMRC.
What is it?
Making tax Digital (MTD) for Income Tax Self-Assessment (ITSA) is replacing how Income Tax Self-Assessment works for self-employed business owners and landlords from April 2024. From April 2025, this will also apply for partnerships with individual partners.
Making Tax Digital for income tax self-assessment (ITSA) will become mandatory for all those self-employed and those with income from property from April 2024. If you’re an incorporated business or a landlord with a total income that exceeds £10,000 a year, you must change the way you file your tax return.
- Did you know you may get a rebate on the Stamp DutyLand Tax you paid? If you acquired a property within the previous four years and it needs maintenance to make it habitable, this is something you can claim, if eligible.
- For contractors who drive to a client’s location, for example, collecting a mileage allowance from their business will normally work out as the most tax-efficient choice. Contractors can claim 45p for the first 10,000 business miles driven in a tax year.
If you’re a managed landlord, submitting your accounts is easy with Valor. Landlord income and expenses are saved on our software, that’s 90% of all we need.
If not, don’t worry! Our award-winning team will assist you every step of the way.
With prices starting from £19.50 +VAT, award-winning industry advice has never been cheaper, your taxes won’t wait, get in touch now:
☎️ 0113 222 4537