Quarterly tax submissions for self employed

mills112

Anyone do their own self employed tax submissions?

Have you looked into the quarterly returns that will be needed from next month?

soolin

luckily I don’t meet the threshold required so I’m still on annual ones.

badmemory

I don't know about anybody else but I am looking forward to finding out how much the tax take from these 3 groups reduces over the next 3 years. I suspect it will be substantial. I also suspect cash machines could be busy.

Marcon

In what sense? Pretty clearly set out here: https://www.gov.uk/government/collections/making-tax-digital-for-income-tax-for-businesses-step-by-step#2.-find-out-if-and-when-you-need-to-use-this-service

This seems to be getting a lot of recommendations: https://anna.money/

MyRealNameToo

Do self assessment but not self employed nor a landlord so doesnt apply.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81925447#Comment_81925447

you will soon will though as they are reducing them each year.

noitsnotme

I won’t meet the threshold until 2028 (over £20k in the 26/27 tax year) but have started looking at the different software available. I currently use Xero for my limited company and am very happy with it. A landlord account with Xero is £7 a month which isn’t too bad but if I can find a free one all the better.

Freeagent is free with a NatWest, RBS, Ulster Bank or Mettle business account and apparently can submit the quarterly MTD returns and the final self assessment. However if you are a sole trader AND a landlord, you would need 2 Freeagent accounts. I will only need a landlords account so considering moving to Mettle for my landlord account and getting used to Freeagent now for free.

noitsnotme

https://forums.moneysavingexpert.com/discussion/comment/81925692#Comment_81925692

There are some figures here based on what the government think the increased tax take will be. edit I’ve just realised you think the tax take will reduce due to a massive increase in fraud.

https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-sole-traders-and-landlords/making-tax-digital-for-income-tax-self-assessment-for-sole-traders-and-landlords

mills112

https://forums.moneysavingexpert.com/discussion/comment/81927003#Comment_81927003

it is looking very complicated!

I am actually helping a friend. I may tell him to appoint an accountant! Is there any free MTD software without a business account out there?

noitsnotme

https://forums.moneysavingexpert.com/discussion/comment/81927406#Comment_81927406

I’ve used QuickBooks/Sage/Xero for years so don’t find it complicated but if you’ve never used such tools I understand it could be a steep learning curve.

HMRC have a tool to help you find supported software for MTD, including free ones…

https://www.gov.uk/guidance/find-software-that-works-with-making-tax-digital-for-income-tax

I’m not sure how up to date it is but at least it’s a starting point.

mills112

https://forums.moneysavingexpert.com/discussion/comment/81927667#Comment_81927667

i have helped him do self assessment as i do that myself so i am familiar with it but not used any digital software in the past (I use spreadsheets to do the calculations) so it will be a big learning curve, which I am not sure I want to be learning!

I still do self assessment but it is for investment and savings income so I don't need to do the MTD.

I did see that link on the government website. I may have a look. I am sure I can learn to use the software easy enough as I worked in the IT industry anyway but whether I can be bothered is another question, lol.