Government says support in place for landlords ahead of Making Tax Digital

admin    Uncategorized     agents

Property118

Government says support in place for landlords ahead of Making Tax Digital

The government has claimed it is offering support to landlords ahead of the introduction of Making Tax Digital, despite a slow uptake in registrations.

As previously reported by Property118, with less than a month to go until Making Tax Digital comes into force, only around 5% of taxpayers, including landlords, have signed up.

Under the controversial scheme, from April 2026, landlords earning more than £50,000 will be required to keep digital records and submit quarterly updates to HM Revenue & Customs using authorised MTD-compliant software.

MTD will help landlords

In a written question, Labour MP Tanmanjeet Singh Dhesi asked: “What recent assessment has the government made of the adequacy of HMRC support available for (a) sole traders and (b) landlords to help ensure they can meet the Making Tax Digital deadline.”

Labour MP Dan Tomlinson said the government was taking steps to help landlords meet the April deadline.

He said: “Making Tax Digital will help businesses and landlords keep on top of their tax affairs. It places small businesses on a more digital footing, with digital tools helping to reduce errors and make annual tax returns easier.

“The government is undertaking a range of activities to ensure those needing to use Making Tax Digital for Income Tax from April 2026 are ready and able to do so successfully.

“This includes targeted media campaigns, awareness letters, developing guidance, and working with the software industry to ensure a broad range of Making Tax Digital-compatible products are available, to suit different needs and budgets. Free options will support those with the simplest affairs.”

He adds: “Supporting its introduction is a dedicated team of fully-trained Making Tax Digital advisors. From April 2026, new options will be available on HMRC’s Self-Assessment and Agent helplines tailored to the needs of Making Tax Digital users.

“Further support will continue to be offered through webinars, industry engagement and marketing activities targeted to reach those affected by the changes.”

No advantage to MTD

As previously reported by Property118, despite the government claiming Making Tax Digital will help landlords, an accountant says this is not the case.

Simon Misiewicz previously told Property118: “There’s no real benefit beyond maybe streamlining some of the work you already do, does it help with tax returns and submissions? The truth is, I can’t see how.

“There’s no advantage for the individual in submitting quarterly returns, because HMRC doesn’t do anything with them until the end of the year. You don’t pay your taxes any earlier, and there is no real cash-flow benefit for the government”.

The government admitted in the Making Tax Digital impact assessment that landlords earning £50,000 could incur an average transitional cost of £285 and an average annual additional cost of £115.

The post Government says support in place for landlords ahead of Making Tax Digital appeared first on Property118.

View Full Article: Government says support in place for landlords ahead of Making Tax Digital

House prices rise in March as supply hits 11-year high

admin    Uncategorized     agents

Property118

House prices rise in March as supply hits 11-year high

Average asking prices for newly listed homes rose by 0.8% in March, climbing £3,023 to £371,042 as the spring selling season begins.

Rightmove says the increase follows an unusually flat February and that March normally brings a lift in asking prices.

However, the pace of house price growth is modest and is now close to the long-term average.

The number of homes available for sale is currently at an 11-year high, giving buyers a wider choice of properties and limiting stronger price increases.

The volume of properties for sale means they are taking longer to secure a buyer with the average time now the longest recorded for this stage since 2013.

Homes for sale

Rightmove’s property expert, Colleen Babcock, said: “March has brought a typical seasonal lift in prices, and ‘steady rather than strong’ is how I’d describe the start of this year’s spring market.

“With the number of homes for sale at its highest level for over a decade, buyers have plenty of choice.

“Many sellers are facing stiff competition and the longest average time to sell at this time of year since 2013.”

She added: “In this kind of market, being not only competitive on price, but competitive from the outset when setting an asking price for your home is critical.

“Our research shows that relying on later price reductions is a much tougher and less effective strategy when buyers are very price sensitive and have so many alternatives to choose from.”

Sale numbers up

Rightmove’s data shows the number of sales being agreed is 2% lower than the same point last year, while standing 5% higher than the equivalent period in 2024.

New supply entering the market shows a similar pattern which are 3% below last year but 7% higher than in 2024.

Buyer demand had already been running below last year’s levels before the conflict began.

Since the start of the Iran war, that level has not dropped further.

Regional price rises

Lower-priced regions are recording stronger annual growth with the North West showing a 2.6% increase in asking prices over the past year.

However, London saw a 2.1% fall.

Asking prices for homes with zero to two bedrooms have fallen by 0.4% over the past year.

By contrast, mid-market second-stepper homes have risen by 0.6%, while the largest homes at the top end of the market show no annual change.

Also, Rightmove’s daily mortgage tracker shows the average two-year fixed mortgage rate rising to 4.51%, up from 4.24% a week earlier.

Property sector reaction

Nathan Emerson, the CEO of Propertymark, said: “Consumers are generally in a far stronger position to purchase a property than they were a year ago, mainly due to several successive base rate cuts and falls in the rate of inflation as well.

“Our member agents have reported an encouraging start to the year, with a sense of resilience when looking at the number of properties being placed for sale and the number of viewings on each available property too.”

Tomer Aboody, the director of specialist lender MT Finance, said: “Plenty of stock, in line with the time of year, is keeping prices in check to an extent, which is good news for those who are keen to move.

“The north-south divide illustrates how important affordability is when it comes to people’s ability to move house.

“In the more expensive south, price growth is more muted as buyers face more of a struggle in raising the necessary deposit and demonstrating enough income to satisfy lenders.”

Jeremy Leaf, a north London estate agent and a former RICS residential chairman, said: “Despite inevitable worries that the present geopolitical uncertainty will increase upward pressure on inflation and mortgage payments, we have seen no price reductions or withdrawals from agreed sales in our offices other than for property-related reasons.

“Most buyers are obviously nervous about the impact of the conflict but are adopting a ‘wait-and-see’ stance for now at least.

“These figures from Rightmove reflect asking prices rather than sales values and determine whether genuine buyers are attracted so may take a little longer to reflect any change in sentiment.”

The post House prices rise in March as supply hits 11-year high appeared first on Property118.

View Full Article: House prices rise in March as supply hits 11-year high