Making Tax Digital - Software options

Landlord Discussion
22

Hi Karl11
I also haven’t figured out exactly how to make a quarterly submission in Hammock. Although in the help files under tax Hammock explicitly state that The landlord/accountant can make the quarterly submissions to HMRC They include a tutorial video titled “The Tax Statement Explained.” It explains how to download the information needed to submit your yearly tax return. I am assuming that the quarterly submissions would be done in the same way by just capturing the info within the quarterly date range.

As for Portfolio, I was invited to help test it during the BETA stage. During this early stage of development they offered marketing on their own site as well as RM and Zoopla. I successfully used it to rent one of my properties in early 2023. When another property became available sometime last year they had abandoned the marketing service, which made me come to OR. They were suffering a lot of issues with bugs in the software and they stated that they wished to concentrate on getting the app performing better. There may have also been some issues with RM and Zoopla. Anyway, Portfolio have definitely lost out by arriving late to MTD.

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23

I cant see the point in a system that does not link automatically to HMRC, otherwise we are all just going to be paying accountants another quarterly bill.

I agree Portfolio wasn’t upto scratch when first launch, and I discounted it straight the way during initial testing. I assume things may have been improved, and am prepared to give it a further chance, once the new finance module is live.

24

What is Portfolio, please. Is it on N R L A website? Or OR?

25

Portfolio is the landlord associations property management software which is currently free to members although it is not compliant at the moment with MTD.

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26

Here’s the latest from the horse’s mouth:

We do intend to upgrade the [Portfolio] platform to incorporate Making Tax Digital, however, I’m afraid that we do not have a set in stone date.

27

Thanks for sharing that! I took a quick look at My Tax Digital, and it seems pretty easy to use. If it’s like working with numbers, I’ll take it. Hopefully, they won’t add a fee when Self Assessment starts…

28

The reason is until MTD starts you can’t have it to use .
I purchased 123sheets for practice but couldn’t get it to work because mtd hadn’t started

29

You can join the waiting list for OpenRent’s Making Tax Digital software here:

We’re still early on in the build, so any thoughts and feedback into what you’d like included is welcome! Naturally, it will meet all the basic requirements of MTD by default and work seamlessly with OpenRent’s existing services.

30

Interesting. Had a look at the page & it doesn’t mention automatic bank import, which I would say would be a useful feature to integrate.

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