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MTD income tax pilot extends to landlords

HMRC has expanded its voluntary Making Tax Digital (MTD) income tax pilot to include individual landlords with straightforward tax affairs.

By extending the pilot, self-employed businesses can use software to manage their business records and send quarterly income tax updates to teh Revenue instead of filing a self-assessment tax return.

The pilot was originally made available to sole traders with income from one business, before being expanded to individual landlords on 4 June 2018.

This does not include landlords with income from furnished holiday lets.

Those with income from other sources may still need to report it through self-assessment.

According to the government release, taxpayers can opt in to the pilot if:

  • they're a sole trader with income from one business
  • they rent out UK property (excluding furnished holiday lettings).

MTD will be gradually introduced to businesses and taxpayers in the coming years, with digital reporting for VAT-registered businesses on course to become mandatory from 6 April 2019.

Contact us to discuss digital tax reporting.

Why Clients Choose Easy Accountancy

Easy Accountancy offers a low cost, fixed fee accountancy package with all clients receiving their own dedicated, friendly, approachable accountant.

All of our accountants specialise in providing accountancy services to the self-employed, freelancers, sole traders, small to medium sized limited companies and private individuals. All accountants are employees of Easy Accountancy and we never outsource or offshore work.

Our low cost, all-inclusive fixed-fee accountancy service includes unlimited access to your own dedicated accountant throughout the year and covers all your business and personal tax affairs needs.

All our accountancy services include:
  - Unlimited access to your accountant
  - Ongoing advice on how to manage your business
  - Proactive tax advice throughout the year
  - Updates and reminders so you'll never miss a deadline
  - Free bookkeeping software

As a sole trader our fees start at just £60 + VAT a month, for this you receive the above plus:
  - Completion of your Self-Assessment tax return
  - Advice on how much Income Tax to pay
  - Guidance on National Insurance contributions

As a limited company our fixed fee packages are bespoke to your needs, however typically you’ll receive the above, plus:
  - Completion of your year end accounts*
  - Completion and submission of your annual return Companies House
  - The director/s Self Assessment tax return
  - Payroll bureau
  - Dividends and corporation tax computations

We’ve saved our clients up to half on their accountancy bills – if you’d like a quote, click on the quote me button to the right of this page. Alternatively, call us on 01442 275767 or email newbusiness@easyaccountancy.co.uk.

*If you would like us to complete your company year end accounts we simply ask that you have been a client of Easy Accountancy for one year or have made 12 monthly payments.