I normally just save up my paperwork and give it all to my accountant at the end of the tax year.  Can’t we just do it that way?

The records you keep for your business can be used for so much more than just getting your tax bill right. I use cloud accounting software to keep records all year round. This helps to provide you with information about how your business is doing.  I also keep track of whether you are providing all receipts for business expenses ensuring that you claim for everything and save on your tax bill.  From 6th April 2024 all self-employed businesses will have to submit figures quarterly to HMRC under Making Tax Digital for Income Tax and doing it this way helps you to be ready for that.

What is Making Tax Digital for Income Tax?

This is a service for submitting your tax return information to HMRC using software.  This became compulsory for self employed and property businesses from April 2021.

To use Making Tax Digital for Income Tax you will need to:
 

• get software that is compatible with Making Tax Digital for Income Tax

• use software to keep digital records 

• send quarterly updates for business income and expenses 

• submit your end of period statement 

• submit a final declaration 

Get in Touch to Arrange Your Free First Meeting

I'm committed to helping small businesses succeed and am sure we can work together to come up with a solution to help your business. 

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