Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Landlords Urged to Prepare for Making Tax Digital 2027
Landlords with gross income above £30,000 have six months to prepare for Making Tax Digital for income tax before it becomes compulsory for them on 6 April 2027. HM Revenue and Customs (HMRC) is urging the next group to sign up early, with around 1,077,000 additional landlords and sole traders expected to join.
According to Property118, HMRC is encouraging the next group of landlords and sole traders to sign up early rather than waiting until the deadline.
What This Means for Letting Agents and Inventory Clerks
For letting agents and inventory clerks, the expansion of Making Tax Digital for income tax means more landlord clients will need to keep digital records and use compatible software to report their income. Agents working with landlord clients may see increased demand for support with record-keeping and digital compliance as the 6 April 2027 deadline approaches.
HMRC's call for early sign-up suggests that landlords should not delay in preparing for the change.
Source: Property118