Editor's note: This brief was summarised by The Property AI Team from a report by Landlord Today. Read the original article for full details.
Landlords Face Six Days a Year on Making Tax Digital Admin
Landlords will spend six full days a year coping with Making Tax Digital (MTD) for Income Tax, it is claimed. The figure comes as the regime marks six months since it came into force.
According to the report, MTD requires landlords with annual revenues over £50,000 to keep digital records and update HMRC every quarter, rather than once a year.
The claimed six-day annual admin burden offers a benchmark for letting agents and inventory clerks supporting landlord clients within the £50,000 threshold.
The report does not set out how the six-day figure was calculated or break it down by task.
Source: Landlord Today