HMRC’s pilot of Making Tax Digital (MTD) for income tax has been extended and is now able to accept quarterly updates from individual landlords with simple tax affairs. Agents can also sign up clients to pilot.
The latest extension means that certain taxpayers will be able to opt out of the current self-assessment regime and use software to report their income tax if at least one of the following applies:
– the taxpayer is a sole trader with income from one business; or
– they rent out only UK property but…