Landlords
Making Tax Digital
Over the next few years, the UK Government is introducing the Making Tax Digital scheme. This initiative is intended to push businesses and sole traders to process their accounts online, digitally.
According to the UK Government, Making Tax Digital will ‘make the tax system more resilient and effective, to boost business productivity, and support taxpayers.’
Making Tax Digital will not change anyone’s tax liabilities or payments, only the way in which they are processed and stored.
Making Tax Digital for Landlords
So, how will Making Tax Digital affect Landlords?
Making Tax Digital for Income Tax Self-Assessment is being extended to every ‘business and/or property income over £10,000, including landlords, sole traders and partnerships, for their Income Tax obligations.’
These are the important dates for Making Tax Digital:
April 2022
Making Tax Digital for VAT
April 2024
Making Tax Digital for Income Tax
April 2024
Making Tax Digital for Income Tax Self-Assessment
2026
Making Tax Digital for Corporation Tax
From the UK Government website, landlords will be required to:
1
Keep tax records digitally
After 6th April 2024, landlords will be required to keep digital records in ‘relation to their trading and property income chargeable to Income Tax and Class 4 NICs if their gross income from these income sources for a tax year exceeds £10,000.’
2
Digital quarterly updates
Provide digital quarterly updates and ITSA returns information to HMRC with digital software compatible with the MTD process. The dates for these quarterly updates are:
5th August
5th November
5th February
5th May
3
End of period statement and final declaration
Landlords affected by Making Tax Digital regulations will be required to finalise their income at the end of each tax year. As well as an EOPS your final declaration will replace your Self Assessment tax return.
Making Tax Digital with Samera
If you are a landlord and need help with Making Tax Digital from experts in accounts and tax, then contact us today. You can book a free consultation with us at a time that suits you, or simply fill in our online contact form.
Raising Property Finance
As a landlord, it’s not uncommon to have to raise property finance from time to time for various reasons. When the need occurs, it’s always a good idea to approach a finance broker who specialises in property finance and loans.
Samera Finance was a finalist in both the 2021 and 2022 NACFB Commercial Mortgage Brokers Awards.
Our team is made up of former bankers, all of whom have decades of experience in the UK’s property finance sector.
No matter your financial needs, Samera Finance are ideally placed to help the UK’s landlords fund their portfolio.
What can we help with?
If you need to raise finance for your property business, then we can help.
We can help you raise finance for:
- Buy-to-let mortgages
- Commercial mortgages
- Property development
- Bridging loans
- Auction finance
- Working capital loans
Samera Finance can help make sure your loan application is successful. We are independent of any banks and our network of contacts in the UK’s finance sector means our team can source a wide range of different financial solutions.
We then present you with the best finance deal we can find on the market.
Samera Finance can help with putting your application together, finding the right solution for your situation and negotiating the best deal.
Property Finance for Landlords
If you want to find out more about property finance for landlords, book a call with one of the Samera Finance team today.