Making Tax Digital for Income Tax is changing how landlords manage and report their rental income.
The good news is that switching to SimplifyMTD is simple. You can start at the beginning of the tax year or move part way through it.
Many landlords choose to start from 6 April for a clean break. However, switching during the year is just as straightforward and is something many landlords do once they want a simpler system.
In most cases, all you need is your year-to-date income and expense totals. Your accountant or current software should be able to provide these quickly, often at no cost.
Once you have those figures, SimplifyMTD takes care of everything from that point onward.
Yes. Starting from 6 April is a popular option because it provides a clean starting point.
Many landlords choose this route because:
In practice, this usually means:
This is a simple option, but it is not required.
You do not need to wait until a new tax year to switch.
Switching mid-year is simple and is something many landlords choose to do.
In most cases, the process is:
That is usually all that is required.
Your accountant or existing software should be able to provide these totals quickly and easily.
Once entered, SimplifyMTD continues from that point and handles your records and future submissions.
You can also switch between quarterly updates without any issues.
For example:
This is a common approach and works well.
The only requirement is that your year-to-date totals are correct when you switch.
Once those are entered, SimplifyMTD continues from the correct position and you simply carry on with your next quarterly update.
Year-to-date figures are your totals from the start of the tax year up to today.
This usually includes:
These figures act as your starting point when switching.
You are not starting again. You are continuing from where you already are.
If you are currently using an accountant, switching is usually very simple.
All you need to do is ask them for:
They should be able to provide this as part of your records.
Once you have these figures, you enter them into SimplifyMTD and continue from there.
There is no complicated migration process.
If you are using other software, switching is just as easy.
Most software allows you to:
In many cases, you do not need a full export.
You can simply:
From that point on, SimplifyMTD handles everything.
A common concern is whether switching mid-year will cause duplication.
As long as you use the correct year-to-date totals, everything continues smoothly.
You are not repeating earlier submissions or starting again. You are simply continuing in a simpler system.
Many landlords choose to switch during the tax year because:
Switching during the year allows you to improve your setup immediately.
You can start at the beginning of the tax year or switch part way through.
With just your year-to-date figures, you can move over quickly and continue your records without disruption.
Start using SimplifyMTD today. Enter your year-to-date figures and continue your landlord records with a simpler system.