The Government’s Making Tax Digital scheme will hit landlords hard as they are forced to submit quarterly tax returns and face significantly increased accountancy costs.
By 2020, most businesses, self-employed people and landlords, will be expected to submit quarterly self-assessment tax returns digitally to HMRC.
It will start with Income Tax in 2018 for businesses which will include landlords with an annual turnover above the VAT threshold of £83,000, and then subsequently it will roll out to all businesses, self-employed people and landlords with an annual turnover above £10,000 from 2019.
