WELCOME TO LANDLORDS GO DIGITAL
HMRC want us all to move to the digital age! The annual Self Assessment return covering rental and other Sole Trader income will soon be discontinued. Income Tax Self Assessment (ITSA) is the future.
It's estimated that tax of £8.5 billion was lost in 2018-19 due to 'avoidable mistakes' resulting from the use of spreadsheets and failing to accurately transpose figures to Self Assessment Tax Returns.
All Landlords (and Sole Traders) with an annual income over £10,000 will have to file details of income and expenditure online quarterly from
6th April 2024, with the first of these submissions falling due in August 2024.
In addition to the quarterly returns, there will be an end of period statement to confirm the returns for the tax year.
It's not too early to start preparing for this huge change, switch now to digital record keeping and be ready for April 2024!
What's the good news?
I am an Accountant with my own rental properties to manage and have the experience to move your data on to an accounting package that will satisfy HMRC requirements.
In addition, the fantastic suite of reports that will be available to you will give invaluable insights into your rental business. No more tracking with spreadsheets, but the ability to produce a Profit and Loss account for your property with the click of a button.
If you have more than one property you will be able to see the profitability and yield of each one which will help with tracking performance and decision making.
Once set up and you have chosen your favourite reports , you can either manage the property finances yourself or take advantage of the ongoing support package offered.