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Holiday-let landlords the next to go digital for tax?
It is looking increasingly likely that landlords with furnished holiday lets will be the next tax payers to be required to go digital by HMRC.
This will mean keeping income and expense records digitally before submitting them to HMRC quarterly, plus submitting a final annual report.
Pilot programmes are already running - it seems that its not a case of if, rather when.
More than one million sole traders and landlords can join tests of the Making Tax Digital system for filing income tax accounts in the 2019-20 tax year.
Sole traders and businesses with a turnover in excess of £85k now use making tax digital for VAT returns, although the first submissions will not be until August.
However it is believed that only 200,000 out of 1.2 million eligible businesses are already in the service!
If you need help, advice or support do not hesitate to call Winchester Bourne on 01962 715671 or email [email protected]. We are here to help you.
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