The HMRC have relented on one element of their controversial Making Tax Digital initiative. This is welcome news for landlords and other businesses who are require to submit self-assessment forms due to having income of over £10,000 per year. HMRC’s intention was to require all these submissions to be made digitally and quarterly in the tax year starting April 2023. This deadline has now been pushed back by 12 months to the April 2024 tax year.
Whilst this is a welcome delay, it is advisable to use the time wisely to prepare for the change. Landlords are advised to seek professional help in the form of an Accountant or, should they wish to continue submitting their own assessments, then they should make sure that their record keeping processes are sufficient to meet the new requirements when they eventually come in.
