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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We have been a client of BW Bookkeeping since 2017 and rely on them for a range of services. They helped us change from a sole trader to a limited company and handle all our banking and VAT.
Mason Grab Hire Ltd, Aston Clinton
BW Bookkeeping is a breath of fresh air in the accounting sector. Supporting our businesses with skill and focus. Allowing management to to run the day to day projects and not be snowed under with delivery notes , wages and tax. The suggestions and input Jen and the team have implemented over our company are simple but brilliant as all the best ideas are. We love collaboration with BW Bookkeeping to support us in, not only running the day to day company but also building our buisness.
Joseph Walsh, St Neots
I learned more about how to direct my business in 20 minutes talking to Jen at BW Bookkeeping than in 4 years of meetings with my accountant.
Rob L, Aston Clinton
