Maybe you have heard the phrase making tax digital, maybe you thought this was only for VAT registered businesses, or for companies?

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.