Advice for landlords who miss today’s new tax deadline
Landlord Resource's Jack Malnick says: “Making Tax Digital for Income Tax will represent the biggest change to landlord reporting in decades."
Landlords who miss today’s Making Tax Deadline have a ‘grace period’ to get their financial affairs organised, an expert has revealed.
Today’s Making Tax Digital deadline represents the biggest change to landlord reporting in Britain in decades.
As part of the change, HMRC is no longer accepting manual record-keeping for affecting taxpayers with income of more than £50,000.
It means that affected landlords need to use compatible digital accounting software, such as QuickBooks, Xero and Sage Accounting.
Making Tax Digital
Jack Malnick, Co-Founder and Property Expert at Landlord Resource, (pictured) says: “Making Tax Digital for Income Tax will represent the biggest change to landlord reporting in Britain in decades.
“Annual Self-Assessment returns will be a thing of the past by 2028, and digital records will be kept throughout the year instead.”
This marks the first time affected landlords have to send HMRC a digital summary of their rental income and expenses.”
He adds: “By now you should have already been alerted to start keeping digital records.
“While this may seem like a late warning ahead of the Making Tax Digital Quarter 1 Update deadline on Friday 7th August.
“This marks the first time affected landlords have to send HMRC a digital summary of their rental income and expenses.
“There is no need to panic if you miss it. At this stage in the process, no fines or penalty points will be given out for a late submission, but this grace period does end in the 2027/2028 financial year.”
The new Making Tax Digital deadlines include 31st January 2027 for filing final traditional self assessment for the 2025/26 tax year.
In addition, deadlines include 31st January 2028 for submit first digital self assessments for the 2026/27 tax year.
