Making Tax Digital - Landlords

For many MTD requirements will take effect from April 2026. There will be a mixture of circumstances. Some will be required to comply with a single source of income from a trade exceeding the threshold. Others will have trading income and property income, which when combined exceeds the threshold. Finally those with property income above the threshold will be required to record and report under MTD. It is very common for those with property income to own the property jointly with others. If this is your situation how can you meet the requirements?

1 – You will only need to keep digital records and submit quarterly updates in respect of your share of income and expenses relating to jointly owned properties.

2 - You can choose to either keep full, line-by-line details of your share of income and expenses from jointly owned properties, or, in respect of your jointly owned properties only, you can choose to record your share of income each quarter, and your share of expenses annually.

3 - Joint property owners with property income below the VAT registration threshold can also use Three-line accounts simplified method. One exception to this is recording residential property finance costs (mortgage interest).

If you would like to discuss how WB Accountant can help you keep up to date with your MTD obligations please contact us