Yup. We know!
A huge change is coming to the way that your figures are reported to HMRC. This is likely to signal the end of the "once a year" tax return (and January deadline panic), and see us move to an era of more regular reporting.
This is no big deal for us at Mazuma!
We already manage all of our clients work monthly - so when HMRC say it's time for quarterly reporting, we're ready.
But what does it mean for you?
Well, if you do your accounts and taxes yourself, you'll now need to do them 4 times a year.
If you only see an accountant once a year, you'll need to have appointments far more frequently - and many traditional firms will struggle to cope with the extra workload.
Sadly, we predict that for many people, the additional filing will see a rise in accountancy fees. (Not for our clients though!)
When does all this start?
April 2018 - Businesses / sole traders under VAT registration threshold and individuals with secondary income of more than £10,000
April 2019 - VAT registered businesses
April 2020 - Companies
Ultimately the changes will affect most businesses, including micro and small businesses. This includes over three million self-employed individuals (including around 900,000 buy-to-let landlords), 1.6m companies, over 400,000 ordinary partnerships, and about 600,000 businesses with income from different sources (for example, both self-employment and property).
So perhaps it's time to get ahead of the game and see what we can do for you at Mazuma...