Good Afternoon All
New rules have been announced via HMRC in the last week or so.
Up until now only those businesses who are VAT registered have to carry out any of their accounting procedures during their year of accounts online including filing their quarterly VAT Returns.
However, from 6th April 2023 all those individuals whose business turnover exceeds £10,000, or whose rental income exceeds £10,000, or those whose combined business and rental income exceeds £10,000 will have to file a quarterly online submission of Income and Expenditure using computer software.
Many of our clients have one or more of these categories, most of whom will have done little or no record keeping on a computer previously.
I will be contacting each of those of you who will be affected by these changes within the next few months to further explain these matters and suggest one of a number of solutions.
In the meantime, if you have any questions please get in touch with myself or Julie.