No, landlords are not required to open a dedicated bank account for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). HMRC does not mandate this; you can continue to receive rental income into your personal account.

However, having a separate bank account for rental transactions is considered good practice. It simplifies record-keeping and helps distinguish personal and rental transactions, making compliance with MTD easier.

Some software solutions, like Hammock, are designed to accommodate landlords who use personal bank accounts. Hammock allows you to exclude personal transactions and focuses on rental income and expenses, reducing the need for manual reconciliation.

No, landlords are not required to link their bank accounts directly to software to comply with Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). HMRC mandates the use of MTD-compatible software to maintain digital records and submit quarterly updates, but it does not necessitate automatic bank feeds.

While connecting your bank account to your software can streamline the process by automatically importing transactions, it’s not obligatory. You can manually input your income and expenses into the software, provided that the records are accurate and complete.

Some software solutions, like Hammock, offer flexibility by allowing landlords to manage their finances without mandatory bank reconciliation. This can be particularly beneficial for those who prefer not to link their personal bank accounts or have mixed personal and rental transactions.