Landlords welcome delayed digital tax system
Many landlords have welcomed a delay in introducing a new system
that will mean many buy-to-let investors will have to process their
The Marking Tax Digital requirements are being delayed by 12
months, which means small business and landlords below the VAT
threshold will have extra time before being forced to switch to the
Those earning over £85,000 will have to keep digital records
from 2019, but only for VAT purposes.
Financial Secretary to the Treasury, Mel Stride, explained the
decision to make the proposals voluntary for the smallest
operations should benefit within the country's property
"This means that businesses and landlords with a turnover below the
VAT threshold will be able to choose when to move to the new
digital system," said Mr Stride.
He added: "As VAT already requires quarterly returns, no business
will need to provide information to HMRC more regularly during this
initial phase than they do now. All businesses and landlords will
have at least two years to adapt to the changes before being asked
to keep digital records for other taxes."