The government has announced that it is giving landlords a further year to prepare for HMRC’s Making Tax Digital (MTD) initiative. MTD was due to come in force for landlords who fill in self-assessment forms with a business or personal income over £10,000 a year in the tax year beginning April 2023, but this has now been extended by a year to 2024.
This will give landlords further time to prepare for the changes as the government say that they understand that with all the issues that the pandemic has caused the deadline has to be extended.
When the new system does come into action landlords will be required to store details of their dealings digitally and file their tax returns using specialist software on a more regular basis.
Here at Horizon when we get informed of further details of this new system over the coming months/years we will of course keep you up to date.
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