From April 2024 there is a huge change coming surrounding the self employed businesses filing tax returns, and for landlords who receive more than £10,000 a year.
It is not coming at the end of this current tax year but as we all know the time flies and it would be worth doing your research now.
HMRC are going to need digital records for all self employed traders, no more keeping notes on the back of a fag packet, its software all the way!
AND they are expecting quarterly tax returns rather than one return a year!
This is a signicant change to the exisiting system and it is worth planning in advance.
Having a software package like Quickbooks or Xero will allow you to comply with the new regulations and if you aren't comfortable with using a computer, you can get the app on your phone as well as having a bookkeeper who can help iron out the wrinkles.
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Registered in England and Wales - Registered Office: Staple House 5, Eleanors Cross, Dunstable, Bedfordshire, England, LU6 1SU
I have never used a bookkeeper before so I was a bit apprehensive. Working with BW has been the best decision we have made recently. I knew we needed help with behind the scenes work and this has been a real relief.
Sam B, Cheshunt
Outstanding! BWBPS sorted out my books then provided me with the support and training I needed to get everything up to date and back on track. Friendly, professional service which I would highly recommend.
Cake Company St Neots
Excellent bookkeeping service and knowledge of the work. We recommend this firm if you are looking for a bookkeeper,
Phil Bass, Dunstable