Warnings about first Making Tax Digital quarterly deadline
Summary
Accountants are warning that many taxpayers, including landlords, misunderstand the new Making Tax Digital for Income Tax requirements ahead of the first quarterly submission deadline on 7 August. The scheme now requires qualifying taxpayers to keep digital records and file quarterly updates using compatible software, with wider rollout thresholds set to bring more landlords into scope over time.
Why it matters
Residential property surveyors often advise landlords and property investors, so understanding the new reporting regime helps them flag administrative and compliance implications for clients. The article also highlights that improved income and expense tracking may affect how landlords manage property portfolios and respond to wider regulatory changes.
Key points
- First quarterly Making Tax Digital for Income Tax deadline is 7 August.
- Qualifying landlords and sole traders must keep digital records and submit quarterly updates via compatible software.
- The current income threshold is above £50,000, falling to £30,000 in April 2027 and £20,000 in April 2028.
- HMRC will not issue late-submission penalties for missed quarterly updates in the first year.
- Repeated misses from 2027/28 could trigger £200 penalties under a points-based regime.
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