MTD recommended software for buying / selling from home

Pompeydave1967

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 

LITRG

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.

Pompeydave1967

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

My records are in Excel and I use MyTaxDigital for VAT. It's very straightforward and free.

Pompeydave1967

Thanks SacredStephan I’ll def look into that , is MytaxDigital approved software to do MTD when it starts next year ?

SVaz

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

Thanks SVaz I’ll def have a look. I just need something that connects my PayPal a/c and then send in quarterly.

Pompeydave1967

Well quickbooks seems to cater for my needs by looking on website , and also adding an eBay a/c in the future .So whilst mine doesn’t start until 2027 my colleague has an earlier 2026 start as earnt over £50k in 24/25.One thing that is puzzling him is 25/26 tax year return , am I correct in saying normal last date would be end Jan 27 still despite all these changes ? if so all understood. 

DRS1

Pompeydave1967 said:

Well quickbooks seems to cater for my needs by looking on website , and also adding an eBay a/c in the future .So whilst mine doesn’t start until 2027 my colleague has an earlier 2026 start as earnt over £50k in 24/25.One thing that is puzzling him is 25/26 tax year return , am I correct in saying normal last date would be end Jan 27 still despite all these changes ? if so all understood. 

Yes Jan 27 still applies 

But you can sign up as a tester and start doing MTD for 25/6.

I'd do it but I can't find something that works currently  (TaxCalc - spring 26, TaxNav it's coming).

What is this thing with linking accounts?  I don't think I would want to do that.

Pompeydave1967

I think it’s all safe with linking a/c , quickbooks seems to work well with this. Both eBay + PayPal can be linked .But I will look at TaxCalc / TaxNav also.

DRS1

Sounds like you don't need to look beyond Quickbooks.

I guess I just don't like the idea that some computer software which links up to the taxman also links up to my bank account.  I see that turning into a two way street.