found this, and it’s extremely good in terms of clearly explaining who needs to sort this out, and when they need to sort this out.
The big thing is that all of us need to have sorted this by 2022, some will have to do so sooner. But yeah, lemme know if you’ve found any good/bad shit with this - suspect it’ll sneak up on people fast.
oh this sounds fun, can’t wait to get this sorted
at its core it’s basically: you’re going to need to buy specific accounting software.
oh fine, happy just to pay someone to sort it out
tbh anyone using an accountant is already in the clear as long as they’re a modern business, and i’m pretty sure they’ll have to if they wanna survive
That’s what I did for years. We’d meet every so often, and I’d swear to myself that I’d listen properly this time and try to understand what he was saying. After 5 mins my mind had drifted and I was just nodding, not listening to a word.
friend of mine used to do this. five years later he realised his accountant was taking 10k a year off him by fiddling records
I was a one man band, so he couldn’t do really that. If I was a proper business then obviously I would have been totally, 100% on it.
Not gonna bother reading about this cos I can’t imagine the world existing in 3 years time anyway
Did the VAT side of this for my old job and it was a right pain in the arse. I’d imagine that this will get pushed again because of everything, but when it comes in there’s going to be a slew of inexpensive software solutions that do most of it for you. Also if your accountant tries to charge you more for this tell them to get bent.
Looking forward to having to make an unnecessary spend on accountancy for my business which has literally zero expenditures and simple one-line income! Woo fucking hoo.
i just pay for my tax return each year and tbh it probably saves me more than i spend on it, plus i’m more likely not to fuck it up and/or go to prison so added bonus
Yeah this is logical. I’ll probably start doing this going forward if it’s going to be more of a process or more specific than it already is, I can sink the hundo or whatever it is for someone to spend two hours going “Yes, these are invoices”
Hi friend - do i need to click this if i work full time (when im not furloughed) and pay paye but do a simple tax return for any freelance stuff I do?
Will i need to buy some software
There’s likely to be a £10k threshold for non-PAYE income before you’re required to do an MTD return instead of your normal one.
ahh right cool - never been near that
yes this is the case. and right now the only ones who need to worry urgently are those hitting more than 85 in turnover
Does someone nice know a lot about being self-employed? I have a few questions and would massively appreciate a PM.