Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income Tax from 6 April 2024.
I have produced some basic spreadsheets for you to use which have been supplied but at the moment we do not know if these are adequate for MTD.
Some clients have considered software and for the self employed and Limited Companies we are recommending Quick Books, I work closely with Jenny who is a book-keeper with extensive QB experience.
Alternative there are other software packages which you may want to consider.
Hammond is for Landlords
Hammock | Made By Landlords For Landlords (usehammock.com)
The accounting & tax app for self-employed people
Coconut’s simple tax app helps self-employed people track income, send invoices, categorise expenses, and work out how much tax you owe in real-time.
It is essential that you use an online banking app such as Starling that will allow you to export your banking over to your software.
This is a MASSIVE change to the HMRC’s system and we are working hard to keep up to date with the limited information we are being fed by HMRC on exactly how this will work – so we appreciate your patience and co-operation in this matter.