As a landlord at the moment using the existing government online tax return system, I claim the £1000 property allowance instead of calculating my actual expenses as my expenses are usually under this amount so it is more beneficial to me.
Please could you advise the best way to do this using Quick file with MTD?
Thanks
Can anyone please advise if/how this can be done in QuickFile, for example would I omit any expenses during the quarterly submission and then would there be somewhere on the final return to add the £1000 allowance (instead of claiming the actual expenses)?
Hello @Mike8
Quarterly submissions simply report the income and expenses as recorded during the year.
If you intend to use the £1,000 Trading Allowance, you can still record expenses in the normal way for quarterly updates.
However, the actual choice between claiming expenses or using the £1,000 allowance is made at the final submission stage. At that point, the £1,000 allowance is applied instead of the recorded expenses; you cannot claim both.
In QuickFile, record your income and any expenses as usual for quarterly MTD submissions. When filing your final tax return, choose between your actual expenses or the £1,000 property allowance—QuickFile will apply the allowance instead of expenses if you select it. You cannot claim both.
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