LANDLORDS Be Aware of New Tax Rules Did you know that from 6 April 2026 if your self-employment income and/or your property rental income
is in excess of £50,000 in the 2024/25 tax year new tax law will apply?
you will be required by law to use what is termed ‘compatible software’ to do the following for Making Tax Digital
Established & Reliable Letting Agency Services
Landlords and Tenants alike can rest assured that representatives of McCarthy Holden will treat all our customers with courtesy and a positive service attitude, inexorably intertwined with honesty and professionalism.
Keep and retain transaction-level (income and expenses) digital records for each self-employment and/or property business. Submit quarterly update reports of your year-to-date transactions for each self-employment and/or property business to HMRC. Finalise your end-of-year position by providing details of your other personal income sources, making adjustments, claiming reliefs and submitting your digital tax return to HMRC.
Telephone 01252 622550
McCarthy Holden have spoken to accountants Porter Garland who first highlighted this upcoming taxation matter.They have produced a useful guide about how to get ready for this and importantly how to access the ‘compatible software’ that HMRC require. If you would like a copy of their guideline and how they can help you if required then please email lettingproperty@mccarthyholden.co.uk
www.mccarthyholden.co.uk
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