10/06/2025
Starting from the tax year 2026/27 (next tax year) all self-employed with a turnover, NOT profit, of over £50,000 will be required to report a simple tax return every three months! Landlords with rentals plus any self-employed income that burst that limit will also be dragged in.
NOTE - this is for self employed sole traders and landlords. Partnerships are excluded as are limited companies
At the end of the year a fifth return will be needed (why not?), and this will be a summary of the four returns, plus/minus any late alterations, and will have all other income added, so basically like the existing tax return.
All records you keep will need to be fully digital, using software like Sage, Quickbooks, Xero etc. Every transaction will need to be recorded. We can help with the choices you have in either keeping those yourself or providing an affordable service to do it for you, with your involvement, obviously.
In case you think you’re safe, the limit is reduced to £30,000 in 27/28 and to £20,000 in 28/29.
These are not set in stone; maybe everyone will be included in due course.
This is a revolution for us and for those affected. Huge.
There is an absolute mountain of preparation work to do. Existing clients will be receiving e-mails from us with far more details together with our plans, recommendations, and of course, cost implications.
If you want more information just call the office on 01642 365166 or mail [email protected] or [email protected]
I’m publishing this to the page, just as a heads up to all business people, both clients and otherwise.
Alistair is on holiday this week, and I’ve got a week away from Friday 20th; affected clients will be contacted after that.
Wasn’t it Crimewatch that ended with, ‘Don’t have nightmares’?
Steve
