Landlords have few opportunities to talk directly to the government department that taxes them, but LandlordZONE readers will have a rare opportunity to do just that on November 30th.
Our tax partner APARI is hosting a free online webinar at which representatives from HMRC will be on hand to take questions from those attending the event.
There will be plenty to discuss. HMRC recently pushed forward the implementation of its Making Tax Digital scheme which will see any landlord with a gross rental income of £10,000 a year (or £850 a month) move to quarterly rather than annual tax returns.
Not only will this require all landlords covered by MTD to begin digitising the way they collect and report their income and expenses, but for those who use accountants to file their tax returns, costs could also rise.
Higher costs
“Accountancy firms are trying to work out how they’ll charge landlords for their services as they move from a single annual tax filing event to five,” says Anish Mehta, UK Managing Partner at APARI.
“Landlords are going to have to be far more on the ball about keeping their records up to date, but there are easy to use tools for this.
“In return, they’ll be much more aware of their likely tax liability as each year progresses, rather than getting a surprise tax bill after the year has ended.”
Originally scheduled to go live at the beginning of April 2023, MTD was pushed forward a further 12 months.
Register for the free event.
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