Making Tax Digital
HMRC is planning on introducing making tax digital (MTD) in the near future, meaning you’ll need to submit a summary of your rental income and expenses on a quarterly basis. MTD is all about making sure you keep your records up to date with the latest income and expenses and helping you be more informed about what your tax liability is for the year. You will need to use software to record and submit quarterly returns of all your rental income and expenses to HMRC.
This can be a daunting task and will most certainly add to the admin burden of self-employed individuals and buy-to-let landlords.
The creators of TaxDash have already built and developed software (Beanbalance) that can file VAT returns under the current MTD scheme, equipping us with the expertise to help you comply with MTD.
For buy-to-let landlords, rental income and expenses can fluctuate significantly during the year, which means it will also affect your tax payable. There is therefore a bigger need to do tax planning during the tax year.
Recording your rental income and expenses.
Getting ready to file your MTD (making tax digital) returns with HMRC.
Keeping an audit trail of what has been submitted for personal tax returns and MTD returns.
Keeping track of all adjustments that need to be made.
Making sure you are MTD ready and compliant.