Majority of landlords fail to register for digital tax system
Original Article Summary
Three-quarters of landlords and self-employed individuals required to register for the government's new digital tax system failed to do so by the April deadline, according to figures released by HMRC. Of the 864,000 taxpayers who should have registered for Making Tax Digital for Income Tax, only 218,000 had done so eight days after the deadline. The post Majority of landlords fail to register for digital tax system appeared first on PropertyWire.
PropMatch Curated Analysis
Three-quarters of landlords required to use HMRC's new Making Tax Digital system missed the April registration deadline, with only 218,000 of 864,000 eligible taxpayers registered. While no penalties apply for late registration, quarterly reporting starts in August with no leniency.
Investor Relevance
Critical for landlords earning over £50,000 annually who must implement digital record-keeping and quarterly reporting to avoid penalties. Immediate action required before August deadline for first quarterly submission.
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