With MTD fast approaching, digital record keeping software for your landlord clients isn’t just a nice-to-have, it’s a must-have.
Written by
Ben Luxon
PUBLISHED ON
Dec 19, 2022
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) has been delayed and will now be phased in from April 6th 2026 and will affect landlords and self-employed individuals earning above £10,000.
Under these new regulations, landlords must keep up-to-date digital records of their taxable income and business expenses and employ approved software to make regular quarterly updates to the HMRC as well as a final end-of-year statement.
With the implementation of MTD, software for digital record keeping isn’t just a nice-to-have, it’s a must-have. This also presents an opportunity for many landlords to upgrade their processes and tools to help save themselves time throughout the year and increase their financial oversight.
MTD ready digital record keeping
With our seamless Xero integration, landlords can take full advantage of our easy-to-use income and expense tracking tools with expense categories designed for the property sector and time-saving functionality like bank connections and receipt scanner.
All financial data is then automatically synced to Xero allowing accountants to review finances in real-time and utilise Xero’s industry-leading reporting functionality.
By streamlining how you work with your landlord clients, you can improve productivity and save both yourself and your clients time while ensuring accurate up-to-date books at tax time.
Find our more about rental property accounting with Landlord Studio.
Our range of essential property management features, including rental listings and property maintenance, are designed to help your clients remain compliant with changing regulations and streamline operations whilst saving valuable time and money.