Nearly one in 10 people have income from property with 2.9m individual taxpayers renting out houses and flats, underlining its importance within the UK economy and tax system. However, the lack of awareness of the new MTD reporting requirements is raising concerns, especially as the wide-ranging rules will capture landlords with property income as low as £10,000.

The latest Office for Tax Simplification (OTS) report on simplifying income tax for residential landlords is calling for the threshold to be raised, and flexibility on reporting requirements where more than one agent is involved in the process.