MTD IT for property ― three points to consider

Produced by a Tolley Owner-Managed Businesses expert

Owner-Managed Businesses

Guidance

Making Tax Digital for Income Tax (MTD IT) quarterly reporting and basis period reform are the biggest changes to administration of income tax in over 25 years. What does this mean for advisers and their clients?

This guidance note looks at some key choices, challenges and opportunities as the start date approaches:

•
there could be confusion over the correct MTD IT entry date
•
turnover figures need particular attention
•
information streams for property income bring special challenges

For more details on MTD for IT see the Making Tax Digital for income tax (MTD IT) ― overview guidance note and Simon’s Taxes A4.172. For points to consider for sole traders and partnerships see the MTD IT for partnerships ― three points to consider and MTD IT for unincorporated businesses ― three points to consider guidance notes.

Point 1 ― there could be confusion over the correct MTD IT entry date

MTD IT applies to individuals, but property may be held in a variety of different ways. It might be

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