MAKING TAX DIGITAL – UPCOMING CHANGES FOR SOLE TRADERS AND PROPERTY OWNERS. TAKE ACTION NOW!
With the introduction of Making Tax Digital for Self Assessment fast approaching, Numerii is committed to helping its sole traders and landlords prepare.
Under the requirements of MTD for Income tax Self Assessment, individuals who are subject to income tax on the profits of their trade, profession, vocation or property business will be required to keep their accounting records electronically using suitable software and file quarterly returns to HMRC with details of their income and expenditure together with any other information that HMRC specifies. A final end of period statement will then be submitted after the tax year to complete the individual’s tax affairs.
Although the frequency of reporting is to change, the timing of tax payments will not and the current system of payments on account and balancing payment by 31 January after the tax year is currently expected to remain in place.
Numerii has an MTD package in place offering you access to both the software required and the team’s expertise to take all the strain out of these new regulations. Give us a call or use the form below for an initial chat.
In order to be within scope, the individual, partnership or trust must have total business or property income above £10,000 per year.
WHAT TO EXPECT FROM THE NUMERII MAKING TAX DIGITAL PROCESS
We will provide a cloud based package that will require very little input from yourselves other than to connect up your bank so we can record and manage the transactions on your behalf.
We then create a tailored package around your needs and HMRC filing requirements.
A dedicated account manager to manage your accounts and be on hand to answer any questions.
Monthly or quarterly service depending on complexity and requirements.
Affordable monthly payments by direct debit so no big bills ever again.
We’re always on hand if you need anything urgently or for tax advice for something new.
GET IN TOUCH
Please contact us if you need further advice, have any questions about our services, or would like a free consultation or a fixed quote.