123 Sheets Offers Landlords Making Tax Digital Software
Landlords in the UK need to stay compliant with the new tax regulation called HMRC Making Tax Digital (MTD), which requires them to submit quarterly filing digitally, particularly if they have an income of more than £50,000. The MTD rules are expected to come into effect by April 2026 and will mandate landlords and businesses to use third-party software for their submissions. To help landlords navigate this digital shift, 123 Sheets has released a landlord income tax self-assessment MTD bridging software, which is recognised by HMRC.
A Solution for Landlords
Chartered accountant and tax advisor Peter Hamilton is behind 123 Sheets and its Making Tax Digital software. This award-winning spreadsheet filing data is designed to support landlords with bookkeeping, helping to streamline their financial processes, making them easier to manage and automating the integration between accounting systems and HRMC. Hamilton confirms that 123 Sheets provides a secure, user-friendly, and purposeful way of bookkeeping, which is often faster and more reliable compared to other online or desktop bookkeeping packages.
While there are other similar products in the market, such as Sage or QuickBooks, 123 Sheets is a cheaper option that charges only £20 for the first year and £40 after that. Unlike PAYE, HMRC does not provide software for submitting tax returns and requires individuals to choose a recognised provider like 123 Sheets. The benefit of choosing 123 Sheets is that users can use their existing spreadsheets and add additional sheets via bridging software to collect the necessary data required for filing.
Features of 123 Sheets
123 Sheets specialises in spreadsheet filing of data, and it can extract the necessary information for submitting returns to HMRC. The company has already filed data on behalf of over 33,000 VAT registered businesses. Its MTD software for landlords is user-friendly, robust and efficient to use, and customers can access demos for free before they decide to sign up. Moreover, the company has templates for landlords, and users can use their existing spreadsheets, making the company’s software unique and flexible compared to its competitors.
Advantages of Using MTD for Landlords
The Making Tax Digital software for landlords can help simplify the process of filing taxes, saving landlords time and money. It also aids landlords in streamlining their financial processes, making them easier to manage and automating the integration between accounting systems and HMRC. With MTD, landlords can stay on top of their tax obligations, reduce errors in the process, and avoid penalties.
Closing Thoughts
The MTD regulations are likely to change the way landlords in the UK approach their tax and accounting obligations. Using a recognised provider like 123 Sheets can help landlords stay compliant, improve their financial reporting processes and streamline their accounting systems. The software is user-friendly, and it can save time and money for landlords by making tax returns more comfortable. As the MTD regulations are expected to come into force by April 2026, landlords need to start adapting to the new standards to ensure they comply with HMRC regulations.
<< photo by Raphael Nogueira >>
