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MTD recommended software for buying / selling from home

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Hi all
Work from home buying + selling from / to contacts only . Approx £3k turnover / month - £900 profit .I see MTD is something I will have to look at maybe not this year but if turnover increase prob next year. My work is basic - buy from individual via PayPal and sell to another via PayPal payment approx 4 invoices and postal receipts a month so filling in self assessment each year is nice and simple. All so simple it simply doesn’t warrant a spreadsheet ! All in a A4 file with receipts for expenses etc.
So whilst nice and easy now I suspect when I have to change to MTD is going to be quite daunting.
My question is to everyone is do I wait and see what’s around next year for simple software or look into quick books etc now . As said such an easy small business making a small amount of money each month that’s enough to last on but guess putting through in the future might be hard work .
Any suggestions ? Thanks 

Comments

  • LITRG
    LITRG Posts: 75 Organisation Representative
    Eighth Anniversary 10 Posts Photogenic Combo Breaker

    Hi
    We have information about the new Making Tax Digital system, including some tips on what to think about when you are choosing software in our section on digital records, on our website: Making tax digital for income tax | Low Incomes Tax Reform Group

    We hope you find it helpful.


    Official Company Representative
    I am an official representative of LITRG (Low Incomes Tax Reform Group) part of the Chartered Institute of Taxation who are an educational charity. We are not part of MSE or HMRC. MSE has given permission for me to post on the Forum but this does NOT imply any form of approval of my organisation or its products by MSE. We can’t give individual advice, but if you require further help, we recommend that you contact a tax adviser, HMRC or one of the tax charities where relevant. You can find more information about where to get help with tax here. If you believe I am posting inappropriately please report it to forumteam@moneysavingexpert.com This does NOT imply any form of approval of my company or its products by MSE"
  • Pompeydave1967
    Pompeydave1967 Posts: 246 Forumite
    Third Anniversary 100 Posts Name Dropper
    Thanks very much , that’s a good read. It’s really finding the most basic software to use as very little transactions to report each month .All incoming + outgoing via PayPal and that’s it .I’d rather do it myself rather than send all of 4 invoices and 4 purchases per month to an accountant and get charged a substantial amount. I was hoping someone who currently operates quick books etc would say that would be ideal .Cant see it going over £40k / annum so prob have time on my side but would like to get the ins / outs of the software asap. Many thanks.
  • SacredStephan
    SacredStephan Posts: 158 Forumite
    Sixth Anniversary 100 Posts Photogenic Name Dropper
    My records are in Excel and I use MyTaxDigital for VAT. It's very straightforward and free.
  • Pompeydave1967
    Pompeydave1967 Posts: 246 Forumite
    Third Anniversary 100 Posts Name Dropper
    Thanks SacredStephan I’ll def look into that , is MytaxDigital approved software to do MTD when it starts next year ?
  • SVaz
    SVaz Posts: 548 Forumite
    500 Posts First Anniversary
    Freeagent is simplicity itself to use.
    If you get a free Mettle account then Freeagent also comes free and they link so even less work to do with the integrated bank feed.  It also autoppopulates your tax return as you go. 
    I’m in my 4th year with them and never had a single problem with either. 
  • Pompeydave1967
    Pompeydave1967 Posts: 246 Forumite
    Third Anniversary 100 Posts Name Dropper
    Thanks SVaz I’ll def have a look. I just need something that connects my PayPal a/c and then send in quarterly.
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