Making Tax Digital: Get ready through our new partnership with Taxd
It is now less than a month until the Making Tax Digital (MTD) rollout to landlords begins – with a new partnership allowing you to report directly to HMRC via your NRLA account.
We have joined forces with HMRC-recognised digital tax filing platform, Taxd to allow you to manage your finances and meet new reporting demands via our Portfolio property management system.
How will it work?
Making Tax Digital is coming into effect from 6 April for landlords with a qualifying income over £50,000, who will be required to report income and expenses to HMRC quarterly, as well as filing annual returns.
If you fall under the remit of the scheme you will need to use special Government-approved software to file your tax return digitally – which is where Taxd and Portfolio come in.
Portfolio is our exclusive proptech platform, offering everything from day-to-day property management to digital record-keeping and a safe and secure home for all your financial data.
It is also now fully integrated with Government’s Making Tax Digital systems via the Taxd’s MTD compatible digital tax return software, streamlining the process and making it even easier for you to comply with the new rules.
NRLA chief executive Ben Beadle said: “With landlords facing growing regulatory pressures, our partnership with Taxd is an essential step towards supplying NRLA members with a seamless, end-to-end, property management and compliance system.
“Thanks to this relationship, NRLA members need not look elsewhere for support transitioning to digital record keeping and tax compliance.
“When Making Tax Digital’s changes come into effect on the 6th April, Taxd and NRLA’s combined services will guide landlords through this transition, offering an easy, hassle-free system for filing tax returns electronically.”
Arjun Kumar, co-founder of Taxd said: "Landlords are currently navigating a storm of regulatory and tax changes.
“While Making Tax Digital is often viewed as another burden, this partnership with the NRLA proves that the right support can turn compliance into a competitive advantage.
“We’re combining the NRLA’s unparalleled sector support with Taxd’s property tax support to ensure no landlord is left behind in the digital transition."
More information
If you’d like to sign up to use Portfolio or want to learn more about the user benefits it provides, click here for further details.
To access our exclusive Making Tax Digital guidance click here
Our training academy also offers a Making Tax Digital training course. For more information click here.
