Sole traders and landlords
Sole trader and landlord accounts ready for Making Tax Digital
Digital records should make the year easier to understand, not simply create four more deadlines. IFM helps sole traders and landlords keep usable records, submit the updates that apply and complete the final tax position.
The work starts with reliable records
Income and expenses need to be recorded consistently and supported by evidence. We establish how records are kept now, what needs correcting and what routine will keep them current.
We agree the record-keeping method and compatible software requirements as part of the scope.
Making Tax Digital for Income Tax
Making Tax Digital applies in phases according to qualifying self-employment and property income, with detailed rules and exemptions. People within the regime keep digital records, send quarterly updates through compatible software and complete the year through that software.
Quarterly updates are not a final tax return and do not fix the tax bill on their own. The annual process still needs adjustments, other income and reliefs before submission.
Support shaped around the income source
Sole traders
The work may include bookkeeping review, digital record setup, quarterly updates and the Self Assessment return. The exact boundary between record keeping by the client and work completed by IFM will be stated in the engagement letter.
Landlords
Property income records need clear separation between properties and between revenue costs, capital costs, finance and private items. Joint ownership and overseas property can change the reporting position and may require advice beyond a standard package.
What the package can include
- Initial review of registrations and record keeping
- Software setup or tidy-up where included
- Bookkeeping support at the agreed frequency
- Quarterly MTD updates where required
- Year-end adjustments and Self Assessment
- A clear list of information needed before each submission
The boundary is agreed
The engagement letter states which records you maintain, which work IFM completes and what information is needed before each submission.
Fees
Fees are quoted on request. A change in the number of income sources, transaction volume, record quality or historic catch-up work may need a revised scope rather than being hidden inside a standard package.
Know what changes before the next deadline
Start with how the income and records work
Tell us whether your income is from self-employment, property or both, how records are kept and which date is causing concern.
Ready for a clearer next step?
Tell us what needs attention and we’ll explain how we can help.