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Property problems
Key points
- From 6 April 2024 persons in receipt of property income will have more onerous requirements when reporting income tax under MTD.
- Having suitable MTD compliant software will be critical.
- Persons receiving more than £833 per month will be within the scope of MTD.
- There are two exceptions: digital exclusion; and total trading and property income being under £10 000.
- There is lack of information as to how common situations (eg jointly owned property) should be dealt with under MTD.
- HMRC is looking to clarify the treatment of jointly owned property with the help of professional bodies.
When it comes into effect in April 2024 Making Tax Digital for income tax self-assessment (MTD for ITSA) will bring a significant upheaval of tax compliance for individuals with trading or property income.
Instead of filing one tax return a year individuals in scope will have to use specialist software to keep records digitally ...
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