MTD for Landlords - what transaction details (fields) are required?

[Smallbusinessman]

Hi everyone,

A friend has three rented properties.
That person's PC / MS Office skills are extremely limited.
The person fills in columns on a sheet of paper (just like the old analysis paper) and then the details are keyed into a spreadsheet by me for eventual use in personal tax returns.
I suspect that more columns will be required from April 2024 on the sheets of paper in order to capture the required details of each item of income and expenditure.
(I am fully aware of the IT aspects of complying with MTD from April 2024.)
However, I have looked on the web and cannot see details of, or a list of, the required details for each transaction.
Does anyone know what these transaction details will be and where I can find them on the web?

All assistance appreciated.
Thank you in advance.

 

[Smallbusinessman]

Hi everyone,

A friend has three rented properties.
That person's PC / MS Office skills are extremely limited.
The person fills in columns on a sheet of paper (just like the old analysis paper) and then the details are keyed into a spreadsheet by me for eventual use in personal tax returns.
I suspect that more columns will be required from April 2024 on the sheets of paper in order to capture the required details of each item of income and expenditure.
(I am fully aware of the IT aspects of complying with MTD from April 2024.)
However, I have looked on the web and cannot see details of, or a list of, the required details for each transaction.
Does anyone know what these transaction details will be and where I can find them on the web?

All assistance appreciated.
Thank you in advance.

Bump to the top. All replies appreciated.

 

[UK Contractor Accountant]

Which landlords will be affected by MTD for Income Tax?​

MTD for Income Tax rules will apply to all landlords whose combined property and/or business income is £10,000 or more a year. For these landlords, MTD for Income Tax will replace the current process of completing an annual Self Assessment tax return. (Landlords who earn a combined business and/or property income of between £1,000 and £10,000 a year will need to continue filing annual tax returns through the Self Assessment process.)

If you're a landlord and your combined property and/or business income is £10,000 or more per year, you will have to follow MTD for Income Tax rules from 6th April 2024.

Under these rules, HMRC will require you to use software to:

• keep digital records of your property and/or business income and expenses
• send quarterly updates of your property and/or business income and expenses to HMRC
• finalise your property and/or business income by submitting an end of period statement (EOPS) and final declaration to HMRC

Keeping digital records

After 6th April 2024, landlords affected by MTD for Income Tax will need to use compatible software to keep a digital record of all their property income and expenses. If you’re a landlord and you’re also a self-employed business owner, Making Tax Digital legislation will require you to keep digital records of your business income and expenses separately.

Sending quarterly updates

Under the new rules, affected landlords will need to send a summary of their business income and expenses to HMRC every three months using compatible software.


The deadlines for submitting quarterly updates will be the same for everyone who has to follow MTD for Income Tax rules. From 6th April each year from 2024 onwards, these deadlines will be:

- 5th August
- 5th November
- 5th February
- 5th May

Finalising your income

At the end of the tax year, landlords affected by MTD for Income Tax will need to finalise their property and/or business income by submitting:

• an end of period statement (EOPS) for each source of property or business income
• a final declaration (which will replace the annual Self Assessment tax return)

The process of submitting an EOPS and final declaration for each source of property or business income allows you to confirm that the updates you’ve sent to HMRC throughout the tax year are correct. It also gives you an opportunity to add details about any relevant personal income or tax reliefs you received during the tax year, and to make other necessary adjustments.

For each tax year, you’ll be required to submit your required end of period statements and your final declaration by 31st January of the following tax year. You’ll also be required to pay the tax you owe in relation to each tax year on this date.

 

[UK Contractor Accountant]

Does anyone know what these transaction details will be

Quarterly Rents & Quarterly expenses - the same analysis as currently goes in the boxes on the Property pages of the Tax Returns

 

[The Byre]

Now I know why once a quarter I hear the sounds of wailing and the gnashing of teeth coming from the office upstairs. I keep out of it and do not get involved - it all sounds far too unpleasant!

P.S. And I thought an Epos was a South American rodent!

 

[Bob Morgan]

Now I know why once a quarter I hear the sounds of wailing and the gnashing of teeth coming from the office upstairs. I keep out of it and do not get involved - it all sounds far too unpleasant!

P.S. And I thought an Epos was a South American rodent!

I always confuse it with 'Ipis' which is Tagalog (Filipino) for Cockroach! It reminds me of a 'Branding Failure' for Hyundai with their model called a 'Terracan' - It did not sell well in Russia! 'Tarakan' (TAPAKAH) is a Cockroach! . . . Also the reason why a Mitsubishi Pajero is called 'Shogun' in Europe and South America - Pajero is Colloquial Spanish for an 'Onanist!'