15.03.2017 Quarterly Digital Tax Reports

15.03.2017 Quarterly Digital Tax Reports

HMRC has announced that starting from April 2018 the landlords will have to file quarterly tax updates. Instead of submitting one tax return every year, the landlords will also have to send four extra reports. The landlords will have to keep digital records of their income and expenditure, using software provided by the tax office, and submit summary updates about four weeks after the end of each quarter. HMRC clarified that landlords with a turnover of less than £10,000 a year will not have to make quarterly updates. In terms of penalties for failing to submit digital tax returns, HMRC stated landlords will have at least 1 year to familiarize themselves with the changes before any late submission penalties will be applied. HMRC stated it will first pilot digital systems with hundreds of thousands of businesses to ensure the software is user friendly, and to give landlords time to prepare. For more information please contact Tatiana Svetlova on tsvetlova@svetlovallp.com.

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