Making Tax Digital – A Focus for Landlords

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10th November 2017
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24th November 2017
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Making Tax Digital – A Focus for Landlords

tax_digital_landlord

You may have heard the term or may not… but it’s something we are going to have to embrace sooner or later, even though the plans for 2017 were shelved, April 2019 is the new date, and we will need to comply.

The aim is to make tax reporting quicker, more accurate & efficient for both taxpayers and HMRC however initially there is likely to be more scope for errors, increased time pressure for taxpayers as well as an increased workload for business owners… not something we want to hear! But here at Marden have invested time, money and energy in making the transition as painless as possible, so if you’re an existing client you are in the right place and if not, then it’s something you seriously need to consider whoever you are with at the moment.

Let’s focus on Landlords… if you are part of the ‘Baby Boomer’ generation then it’s likely you will have at least one other property investment and so I thought the information would be pertinent; I’ve kept it to the point, if you are anything like me, I’ll skim it anyway!

  • If your gross rent exceeds £85,000 you will need to start digital quarterly reporting from April 2020 at the earliest (less then the original April 2018 & landlords with less than £10,000 will be exempt)
  • Changes will be introduced gradually, starting with quarterly reporting for income tax April 2020
  • VAT from 2019
  • And Corporation Tax from 2020

Keeping an eye

Keeping an eye on profitably is a good idea anyway & under the new scheme (MTD) quarterly accounting will do just that – reports will have to be filed one month after the quarter end & end of year final reports & declarations filed about 10 months after the end of the last quarter. Now this may affect the way you work, with a few changes (like getting information from letting agents and other trades in good time) so it may be time to reconsider the professional accountancy help you might require?

Get cosy

Get cosy and familiar with the Government Gateway – if you don’t’ have an account it might be worthwhile setting one up so you can easily access your records. It’s the Governments’ intention that this will become the future way for you and your adviser/accountant to access your information online…

On the property front, Marden & Co can help in more ways than one. With our new mortgage adviser service, we are ideally placed to help you with new and re-mortgages, or buy to- let, all at competitive rates. You really will be looked after like a VIP!

This is why it is so important to get the best possible advice from qualified and professional advisers.

Our aim is to provide a friendly and reliable service to guide you through this complex process.

Black Friday

With all those savings, you may have more left over in your pocket than you thought and with Black Friday fast approaching on Friday 24th November, why not check out a few of these deals on line…

Who doesn’t need a curved smart TV?

Something for the home?

Or just a delicious new outfit…

Looking after yourself

After all that shopping you might want to check this out, as the chances are you sat and shopped?! With online shopping involving very little physical exercise, it’s worth taking a look at the info the NHS have provided. It’s pretty cool actually, and whilst some of us might already be jogging, jiggling, dancing or deft at a downward dog, for the more cultivated lounge lizard this shines a light and shows why we all need to step up to take care of ourselves…

Remember to look after your body, or you’ll have no where else to live!

www.nhs.uk/selfcare