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Making Tax Digital (MTD) Update

Posted on November 29th, 2023

Good news for landlords earning under £30,000 a year – the government have no plans to make them use the HMRC’s MTD scheme. The announcement came in paperwork released following the Autumn Statement.

As it stands, landlords with an income over £50,000 will still have to join MTD from April 2026, followed by those earning over £30,000, from April 2027.

A statement on the HMRC website says it will “keep under review the decision on further mandation of businesses and landlords with income below £30,000”,

MTD is HMRC’s plan to digitise the tax system for VAT, Income Tax Self Assessment and Corporation Tax for businesses and individuals. MTD aims to make tax returns simpler and more efficient.

Just a year ago, landlords and others were given an extension to the deadline for using the software. Now landlords earning under £30,000 a year are completely exempt (for now).

HMRC adds: “The government remains committed to delivering MTD for Income Tax Self Assessment and believes this is central to building a trusted, modern tax administration system and supporting small business productivity.

Higher earning landlords who do have to join the system from 2026 onwards must submit quarterly summary data to HMRC, rather than one larger end of year self assessment. This will have to be submitted via special software.

Article Abridged from Landlord Today

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