To be fair HMRC call them updates but anything where you have to send your figures to HMRC to help calculate your tax is a return surely!?
Landlords will have to submit quarterly from April 2026 depending on the size of their portfolio. For some this is no problem at all. They already keep super up to date records in excellent order and all they will have to do is pick the right software to help them do it (you cannot log on to HMRC to do this – you must use third party software).
For other this is the stuff of nightmares. We already have clients that can’t manage to give us their rental figures by the tax return deadline which is 10 months after the tax year ends!
Fortunately this week there was some good news and our favourite software provider for landlords was approved by HMRC for use with MTD.
Like most software now Hammock will connect to your bank account and allows you to easily track your income and expenses. Unlike most software it’s made for landlords and as a result will give you text reminders if someone misses a payment, reports per property to tenant and has data on things like yield shown right within the app (for those that love data but can never quite remember the way to work it out!).
Want to know more? Why not click here to book a free 30m demo with our team and we will show you how much easier your record keeping could be!