Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Over 200,000 Landlords and Traders Yet to Register for Making Tax Digital
More than 200,000 landlords and sole traders have not yet signed up for Making Tax Digital (MTD), according to a report by Property118. The first quarterly deadline for MTD is now less than a month away.
Research commissioned by business management platform Tide found that 25% of landlords and sole traders earning more than £50,000 had not registered with HMRC for the new system.
Letting agents and inventory clerks should be aware that a significant number of landlords remain unregistered as the MTD deadline approaches. This may impact compliance and reporting processes for clients who have not yet transitioned to the digital tax system.
Source: Property118