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Making Tax Digital Update

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After our discussions about 'Making Tax Digital' at the November and January member meetings, we have some comments on what it means for us all from accountant, Sam Stapleton of SJS Advisory who was with us last month. 

Sam's Comments

MTD for Income Tax Self Assessment (ITSA) will be a topic I imagine for the next 18 months as the legislation bolsters up and the software falls into place – as discussed with VAT, the software was not finalised until a month or so before it was released but solutions from the PDPLA and the NRLA will be of relative interest in how they  can 'compete' with Xero, Quickbooks and Sage with reconciling Bank transactions – however the Property Information and Safe2 of course will be of great use.

For MTD ITSA please see a link which is from a reputable tax body in the UK: https://www.att.org.uk/making-tax-digital-income-tax

This is the current position for MTD and also shows the likes of commitments the government have made and submission deadlines, falling in the same deadlines as VAT as mentioned 1 month and 7 days after (nightmare for accountants who already juggle VAT). It also references the 'Final Declaration' which unlike VAT will just consolidate the quarterly submissions but in the normal deadline of 31 Jan on a Self Assessment consolidating MTD and non MTD income. 

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About the author

Martin Silman

Martin began his landlord journey 30 years ago, while working in an international role for a global telecommunications company. Since retiring he has extended his portfolio, which he manages with his wife, but has always focussed on the ‘small student HMO’ sector preferring to offer homes in the community for small groups to the more common ‘pack them in and take the money’ mentality. He has chaired the PDPLA for the past 12 years and has overseen the Associations transition from small local self-help group to a much larger and more professional institution which is recognised and listened to nationally. Alongside his PDPLA role, he also has leadership roles in a number of other local organisations – bringing his unique perspective, driving for change and increased use of technology while respecting the history that brought us here.

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