Public Funding for National Residential Landlords Association

HMRC faces billions in lost tax revenues due to outdated paper-based accounting systems, which has led to the introduction of Making Tax Digital (MTD) legislation to the property sector. The Private Rental Sector (PRS) manages 5.4 million properties, and with the 2026 MTD deadline approaching, there is a pressing need for widespread adoption of a sector-specific, digital and efficient accounting solution. The challenge is to develop a low-cost, cloud-based software that not only complies with MTD regulations but also reduces manual intervention in accounting and tax-related tasks. Current cloud accounting software excels in general accounting but lacks integration of technological advancements that could greatly assist in preparation and time reduction, alongside features essential for landlords. The proposed cloud-based software leverages powerful machine learning algorithms which will give rise to a disruptive product which will significantly assist UK tax compliance and government regulations. The benefits of our product include: a 95% reduction in manual data entry, decreased financial discrepancies, and providing landlords with close-to-real-time financial information for better decision-making. It also addresses challenges like accuracy, data security, and accessibility for people with disabilities.