09 May

From 2018 you'll have to report to HMRC quarterly

Big changes are on their way...

Is your accountant ready for quarterly reporting?

We are!

From April 2018 HMRC plan to introduce quarterly reporting for small businesses and those who have income that isn't taxed at source.  So in short, if you complete a tax return, you may well need to report to HMRC quarterly instead of doing a tax return once a year. And all businesses will be required to report to HMRC at least quarterly - this is not up for negotiation! So four times the reporting, four times the stress...

Of course, this isn't a big problem for us at Mazuma.  We already take care of everything for our clients monthly.  In short, if HMRC introduced this change tomorrow, then we'd be fine!  Our award-winning monthly service is set up for exactly this sort of thing.  And we've been doing it like this for 10 years, so we're well ahead of the game.

Purpleforce

But this isn't the case for all accountants.  If you only take your paperwork to your accountant once a year, then they may well not be ready to provide you with this quarterly service. Basically, if your accountant reminds you of this guy, then you might be in trouble!

Old fashioned accountant

Which leaves you with a couple of options -  you can find an accountant who can do it, or you can do it yourself.

For those of you out there who are digitally-minded then this may not be a problem.  But if you don't want to do your own bookkeeping every quarter, then you'll need a service like ours to keep you compliant.

When does all this start?

For accounting periods or tax years starting after:
Type of business:
5 April 2018
Businesses under VAT registration threshold and individuals with secondary income of more than £10,000
5 April 2019
VAT registered businesses
1 April 2020
Companies

 

HMRC have been quite vague on whether there will be penalties for late filing, or whether they will expect quarterly payments.  In fact, there are quite a few areas that HMRC haven't clarified for us accountants yet.  But rest assured that we're on the case and ready for whatever the new system will throw at us!

And if your current accountant isn't ready, then maybe it's time to find one who is...

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