New tax obligations from April 2023
From 6 April 2023, significant changes will be made to the Self-Assessment reporting system for landlords with gross rental income above £10,000 per tax year. Bringing landlords within the scope of MTD is part of HMRC’s plan to make the UK tax system more efficient and to make it easier for landlords to get their tax affairs right.
Get ready to go digital
From 6 April 2023, if you are a landlord you will need to submit your annual Self-Assessment tax return online (unless you can satisfy HMRC that you are unable to comply with their online filing requirements due to age, disability, religion, etc.). As most people already submit their returns online, this particular requirement should not affect many landlords, however, if you are one of the few who submit paper returns then is vital that you make preparations in advance so that you are able to comply with HMRC’s online submission process. If you use Hawsons to prepare and submit your tax return for you, then because (wherever possible) we submit all tax returns online this condition will be automatically satisfied.
Quarterly financial updates
In addition to your annual tax return, you will also need to submit financial updates electronically to HMRC each quarter. You will need to use MTD-compatible software or a spreadsheet to do this. These quarterly updates are then used to form part of your annual tax return. This means that you will be required to make a total of five submissions per tax year to HMRC, instead of just one!
How can we help?
We understand that the new rules may seem daunting. At Hawsons we have a dedicated team of personal tax accountants at our offices in Sheffield, Doncaster, and Northampton who can help you to navigate the new rules and ensure that you meet your obligations to HMRC correctly and on time. Please do get in touch with us if you would like to discuss how MTD will affect you going forward.
More similar content
Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...
Spring Statement 2022 Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the...
The UAE’s Ministry of Finance (MoF) announced on 31 January 2022, the introduction of Federal Corporate Tax (CT) effective for accounting years starting on or after 1 June 2023. The UAE’s MoF stated that the reason for introducing CT was to “reaffirm the UAE’s...