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Kirk Rice Blog

Making Tax Digital (MTD) : Rules for Landlords from 6 April 2024Written on June 23, 2022 by Kirk Rice LLP

Landlords of rental properties or individuals receiving other sources of income from property who meet the £10,000 gross income test (including income also earned through an unincorporated self employment business) will be brought within the scope of MTD.

This will affect individuals with the following sources where the aggregate of these sources exceeds £10,000 gross (before the deduction of expenses):

  • Rental income from UK rental properties
  • Other UK property income such as reverse premiums or the grant of a lease
  • Income from a Furnished Holiday Let business
  • Rental income from foreign rental properties
  • Other foreign property income such as the receipt of premiums

Specifically excluded from the above list is income from renting a room to lodgers in your own home (where this falls below the Rent-a-Room threshold of £7,500, or £3,750 for a jointly owned home).

For properties that are jointly owned, it is the individual’s share of the rental income that is used to test whether or not the gross income threshold is exceeded.

Details of the registration process will follow once clarified by HMRC.

More information concerning MTD will be made available here as and when it is published by HMRC. If you are a client of Kirk Rice LLP we will be contacting you over the course of the next year to discuss these changes and the options available to you. Please bear with us whilst we work through the impact of these changes.

More information will follow over the next few months, but in the meantime, if you would like to discuss how MTD for landlords is likely to affect you please call 01344 875 000 to arrange a call or appointment at an office near you or email info@kirkrice.co.uk.

You can find out more on the Government website.

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