Partnership launched helps landlords meet Making Tax Digital rules

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A property finance management platform backed by Propertymark’s REACH startup-up initiative has struck a deal with accounting giant Sage to enable landlords to report their buy-to-let property financials via HMRC’s looming Making Tax Digital tax (MTD) system.

Hammock, which was part of REACH UK’s inaugural cohort of proptech firms that included Sprift and Offr, has struck the deal to link up with Sage’s popular Accounting Individual platform.

It is used by accountants getting ready to adopt HMRC’s MTD rules, which will see landlords of all portfolio sizes required to submit their income and expenses on a quarterly as well as annual one.

It is due to go live in April 2024 for sole traders and landlords with an annual income in excess of £10,000.

Venture capital

Sage’s system has been hooked up to Hammock, which was founded in 2019 backed with £1m of venture capital including cash from insurance giant Aviva, to enable landlords and letting agents to more easily manage property and portfolio finances including rent payments.

Manoj Varsani MBE (main picture), CEO and Founder of Hammock, says: “Sage has an unrivalled history of supporting accountants with all their compliance needs and, through this partnership, we are integrating Hammock’s services to provide the complete solution to support practices with landlord clients.

“Accountants are landlords’ closest ally in the management of finances and compliance. This partnership allows accountants to add a dedicated offering to landlords, enhancing real-time collaboration and unlocking access to deep insights into the clients’ property finances.”

Read more about the REACH programme.


Go to Publisher: Proptech Archives – The Negotiator
Author: Nigel Lewis