Bookkeeping and VAT. Get ready for MTD
NMJN Accountants understand that the everyday tasks of running a business can take up a lot of time. With this in mind, we offer tailored bookkeeping and VAT services designed to give you the extra time to spend running your business. We have dedicated accountants that are knowledgeable in Xero, Sage, and QuickBooks. Although, if you’re more comfortable with Excel spreadsheets record keeping, we can provide you with one of our own. This will produce a monthly analysis of income and expenditure, which you can use to keep a check on your profits.
Get ready for Making Tax Digital
With Making Tax Digital for Income due to start for some self-employed businesses on 6th April 2026 it is important that you start to look at your bookkeeping systems now.
Making Tax Digital
The new way of reporting will be introduced in phases and will eventually affect all self-employed individuals and individuals receiving property income with an annual gross income of £30,000 or more.
Under the new system, everyone will have to keep their records in a digital format and submit quarterly updates to HMRC. An election can be made to submit figures that tie in with a month end so the period would be:
- 1st April – 30th June.
- 1st July – 30 September.
- 1st October – 31st December.
- 1st January – 31st March.
These submissions will need to be made to HMRC within one month of the quarter end.
Read more at: www.gov.uk
As with the VAT submissions, HMRC will allow bridging software so those who use spreadsheets for their record keeping will still be able to submit the required quarterly information. A final end-of-period statement will be submitted which will confirm the total amount of taxable profit and any other taxable income for the tax year and this will replace the current Self-Assessment Tax Return.
The current timetable for mandatory compliance with the new Making Tax Digital will be:
From April 2026 for those with annual gross income of over £50,000.
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From April 2027 for those with annual gross income of between £30,000 and £50,000.
If you would like a demonstration of QuickBooks and Xero we can do an hour’s free when you sign up with NMJN Accountants and we can offer discounts on subscriptions for the first few months to the software of your choice.