We’ve been working hard on FreeAgent for Landlords, our dedicated solution for clients with property income, and we’re excited to share some developments with you.
When we started work on FreeAgent for Landlords, the intention was to support MTD for ITSA submissions, in order to provide a handy solution for any clients earning income from property who will be affected by the MTD initiative.
However, in December 2022, HMRC announced a two-year delay to MTD for ITSA, along with changes to the income threshold. This means the new rules won’t come into effect until April 2026, and initially, only landlords and self-employed individuals with income over £50,000 will be mandated to comply.
As a result of these changes, instead of prioritising MTD for ITSA submissions, our engineers are now focusing on support for the existing Self Assessment system. And we’re delighted to say that from January 2024, you’ll be able to use FreeAgent for Landlords to auto-populate the UK property (SA105) pages and submit your clients’ Self Assessment tax returns directly to HMRC from the software. If a client has other (non-property) income to include, such as income from self-employment, you will be able to enter this manually and include it with their submission.
For those clients with sole trader or limited company FreeAgent accounts, we will also be adding the ability to enter details for the UK property (SA105) pages manually and include them with these submissions.
We’ll let you know as soon as we add this functionality to the software. In the meantime, you can continue using FreeAgent for Landlords with your clients to keep digital records of their property finances, automate their rental admin and track their properties’ profitability.
Find out how to add a new landlord client to your Practice Dashboard in our Knowledge Base, along with full details on how your clients can manage their properties.