Making Tax Digital Statement - Expert Agent Documentation

NAVIGATION

Making Tax Digital (MTD) for Income Tax requires landlords earning over a certain threshold to keep digital records and submit quarterly reports to HMRC using approved software. While letting agents can provide income and expense data, landlords remain solely responsible for tax compliance and MTD submissions.

Expert Agent supports you in assisting any landlords whom fall within the governments MTD for income tax criteria, and as such will be submitting quarterly updates on income and expenditure rather than a self assessment.

You are able to set them as requiring an MTD statement on the financial details tab of their landlord record. You can also set which accounting software they use for your reference, along with recording any relevant notes.

If you would like to produce your landlord a quarterly statement to assist them with their submission, you can do this via their landlord record.

Right click from the landlord record - go to the finance sub menu - then select Making Tax Digital Statement

Enter the date range of the quarter you need - then click the refresh button to load the transactions into the window

From here, you have the option to download the transactions into a CSV, or you can email the statement directly to the landlord. Once you click the "Email Landlord" button, you will be able to select your cover email for the statement (so you may wish to set up a cover email template: How To Create an Email Template beforehand).

Once you select your cover email, the statement will automatically be sent, as a CSV to your landlord so if you wish to preview the CSV, select the "Download" option to check the statement over, prior to choosing to send the statement to your landlord.

If you leave the "update last transaction date" tick box ticked, Expert Agent will store the last date you ran your export up to, on the financial details tab for you for future reference.

Please bear in mind, the MTD legislation for income tax doesn't change a landlord's VAT obligations, so any VAT registered landlords will still require the same statements you were sending them prior to the introduction of this statement.