If you receive rental income, Making Tax Digital may change how you keep records, manage property expenses and report income to HMRC.
Affinia can help you review your rental finances, choose suitable MTD software, set up digital records and prepare for quarterly updates.
You should review your position if you:
We’ll help you move to simple, ongoing digital record-keeping, so your rental income and expenses are always ready for MTD reporting.
We can turn your letting agent statements into accurate digital records and ensure the right information is captured throughout the tax year.
We’ll help you record your share of rental income and expenses correctly, keeping your MTD reporting clear for jointly owned property.
We can bring income and expenses from multiple properties into one organised process, giving you a clear view of your rental business.
We’ll help you categorise allowable rental expenses correctly, making your digital records more accurate, consistent and easier to review.
We can assess whether your spreadsheets are MTD-ready and recommend a practical setup that suits how you already manage your property finances.
We’ll help you manage both income sources in one joined-up approach, handling your MTD obligations accurately without unnecessary duplication.
Affinia can manage the process for you, from digital record-keeping and quarterly updates to year-end checks and your tax return.
We can help you choose and configure software based on:
As a regional accountancy firm, Affinia can give landlords practical advice that goes beyond a generic online guide. We can review your rental records, explain what needs to change and provide ongoing support as your property portfolio develops.
Yes, our team are able to review your circumstances and confirm if MTD will apply to you. From there they will be able to provide the right guidance to ensure you remain complaint with HMRC.
Yes, our team can set up MTD software for your rental property income.
You can continue to use spreadsheets for tracking your income and expenses, however you will need to submit your quarterly submission via a HMRC approved software such as Xero to comply with new tax rules.
Our team are able to support you with any spreadsheets you currently use to ensure you are compliant ahead of the next quarterly submission deadline.
Yes, our team are able to submit quarterly updates on your behalf.
We offer 3 types of support:
Each property owner is responsible for submitting their own quarterly report for their share of income and costs. However, there’s a helpful easement available: you can choose to report only your share of income each quarter and defer reporting expenses until the final submission of the year. This option can simplify things for many joint property owners.
If you own more than one rental property, the total amount of rental income will be taken into account. If this amount exceeds the current income of £50,000, MTD rule will apply.
For example: if one property generates £30,000 rental income per year and another one generates £20,000 – Making Tax Digital rules will apply.
If you are both a landlord and sole trader, your total income across both role will be taken into account. If this exceeds £50,000 per year, Making Tax Digital rules will apply to you.
For example: If you earn £25,000 per year through your rental income and another £30,000 through your sole trader business, Making Tax Digital rules will apply.
No, as the total rental income will be taken into account for Making Tax Digital, these records can be combined and submitted as one quarterly update.
The Property Tax team has decades of experience advising individuals, business owners and charities on all areas of UK tax relating to UK and foreign property from initial purchasing, ownership structures, re-structuring and exit planning.
We understand the importance of providing tailored tax advice and planning that aligns with your business and personal objectives.
Our private client tax team are here to support you with personal tax matters. We have experience in offering strategic guidance to support you and your family’s future plans.
