Important Update for Landlords: Making Tax Digital
“From April 2026, landlords must file quarterly MTD tax updates, and we can handle it for you seamlessly.”
Making Tax Digital (MTD) is moving into its next phase, and this time it directly affects how landlords report income. Following the earlier rollout of MTD for VAT, the government is now introducing MTD for Income Tax. Instead of submitting one Self Assessment tax return each year, affected landlords will be required to submit quarterly updates to HMRC, followed by a final declaration at year end. That means five submissions per year instead of one.
This change increases reporting frequency and places greater emphasis on digital record-keeping. For many landlords, this will mean using HMRC-recognised software to maintain up-to-date financial records and submit information directly to HMRC. While spreadsheets were commonly used in the past, the new system is designed around compatible digital platforms that streamline submissions and reduce the risk of error. The direction of travel is clear: paper trails and once-a-year reporting are being phased out.
Although quarterly reporting may feel like added administration, it provides a clearer picture of your tax position throughout the year, helping to avoid surprises and improve cash flow planning. It also reduces the likelihood of penalties caused by missed deadlines or inaccurate submissions. In short, it moves tax from a reactive annual task to a more structured, manageable process.
We have the resources to handle MTD for you, as we already hold the majority of the information to create your portfolio accounts. This means the process can be more streamlined and cost-effective.
To find out more, get in touch at rentals@platinum-property.co.uk or call 01905 740580 to arrange this and ensure your property finances remain fully compliant under the new MTD regime.