Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Half of Taxpayers for Making Tax Digital Unregistered as Deadline Passes
More than half of taxpayers required to use Making Tax Digital (MTD), including landlords and sole traders, had not registered as the first quarterly reporting deadline arrived. This is based on data from HMRC, cited by the Association of Chartered Certified Accountants (ACCA).
According to the report, just over 400,000 of approximately 850,000 affected taxpayers had signed up for MTD as the deadline passed. The figures highlight that a significant proportion of those required to comply with the new digital tax reporting system remain unregistered.
The MTD initiative is relevant to UK landlords and sole traders, many of whom are now required to submit their tax information digitally. The low registration rate may have implications for letting agents and inventory clerks who support landlords in meeting compliance requirements.
Letting agents and property professionals are advised to be aware of the current registration rates and the potential impact on their clients. The figures underline the importance of ensuring that landlords are informed about their obligations under Making Tax Digital.
Source: Property118