A personal finance app says it’s teamed up with a new technology firm to provide a service helping landlords prepare for HMRC’s Making Tax Digital initiative.
Making Tax Digital for Income Tax will be used by 4.3m self-employed - hundreds of thousands of them landlords - from April 2024.
It’s estimated that about a third of taxpayers who are self-assessed and have either income from a business or property exceeding £10,000 per year will have to keep digital financial.
Now a PropTech service called Lendlord has partnered with a supplier called ‘untied’ to create a tax platform for landlords and property investors to use.
A statement claims: “The new collaboration combines both technologies to create a dedicated flow for landlords to manage information about their portfolios, income and expenditure. After adding other income sources, they can then file their self-assessment tax returns to HMRC from the untied capability in their Lendlord account.”
Lendlord claims to have already helped thousands of landlords and property investors manage their properties and track performance.
By analysing users’ portfolios it makes recommendations from other partner suppliers.
Lendlord has also untied’s Making Tax Digital for Income Tax Self-Assessment early adopter programme, which is working as part of the HMRC pilot.
Kevin Sefton, chief executive of untied, says: “Property landlords will be mandated to report their income under Making Tax Digital for Income Tax Self-Assessment from 2024, and Lendlord’s users will be able to get going early thanks to this collaboration.
“We want to give Lendlord users a tax experience that’s smooth and secure, and provides them with the confidence that they’re doing tax right. We’ve admired Lendlord’s commitment to an integrated experience and are pleased to support it.”
And Aviram Shahar, Lendlord’s co-founder, adds: “This is the first step towards helping [landlords] digitise their tax returns in advance of the introduction of the Making Tax Digital for Income Tax reforms.”
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