Making Tax Digital: Join our webinar
With the latest data showing more than a quarter of a million landlords and sole traders are yet to sign up for Making Tax Digital (MTD), we are running an exclusive member webinar on how to get to grips with quarterly reporting.
The scheme, which is being rolled out in phases, requires you to keep digital records and every quarter, submit summaries of your income and expenses to HMRC using compatible software.
Now, six months after the scheme was launched for landlords and sole traders with income of £50,000 or above, the second quarterly deadline is almost upon us.
If you fall into this category you have until 7th November to file quarterly return for the period August – October this year.
Having trouble? Then don’t panic – we are here to help, with our expert team on hand to show you how you can meet all your obligations using our exclusive Portfolio property management system.
Join our webinar
We will be hosting an exclusive member webinar next Friday sharing helpful guidance and walking you through the filing process and help you feel confident that your report is accurate and ready to submit.
The event will show you how you can use our Portfolio property management system to meet all your obligations under MTD.
The session will be held on Zoom and will run from 12:30pm - 1:15pm.
How are the bands worked out – and when am I affected?
The Making Tax Digital bands are based on turnover including gross income from self-employment and property before any tax allowances or expenses are deducted.
From April next year this will be rolled out to those of you earning more than £30,000 and from April 2028 to those of you earning more than £20,000.
There are no penalties for missing a quarterly update deadline for the first 12 months, however you will start to receive penalty points for missing quarterly submission deadlines for the 2027/28 tax year onwards
If you incur four penalty points, you’ll be fined £200, with a further £200 penalty for each subsequent quarterly deadline missed, which is why it is vital you get to grips with the system now.
More information
- For more information on Making Tax Digital and how and when it will affect you, read our detailed Making Tax Digital guidance click here.
- To find out more about how our Portfolio property management system click here.
- Our award-winning Training Academy runs a Making Tax Digital course offering everything you need to know about the system. For dates and to book click here.
