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Good news for all those who are self-employed or have rental income of over £10,000


It’s been a difficult couple of years for a lot of people, I too was one of those people. When I moved to Leeds back in August 2018, I was working about 12 hours a week and I thought about rebranding and looking at expanding but didn’t get around to it until the evening of Friday March 22nd.

Suddenly I was thrown into the deep end with no life jacket, but I knew people needed help. So Sense of Numbers was created and the long hours sitting at my dressing room table commenced. Like everyone else I had to “make do” with what I had when our youngest came back from Uni expectantly. My 12hr weeks turned into 12hr days as the team and I did what we could to spread the word about what was happening with furlough and bounce back loans. I had started out with good intensions of wanting my web page to be updated with monthly blogs but you know what, I couldn’t do it all.

Have things got any easier I hear you ask? Well, I have my office back, I have purchased a desk, filing cabinet and a proper office chair! Furlough and Covid claims are no more and maybe now is the right time to start again engaging with people through my website.

So I mentioned the good news at the beginning of this blog that we have been given another year of grace before having to submit quarterly tax returns. It’s now been rolled over to April 2024 before we need to submit these but please if you are self-employed or have rental income of over £10,000, please, please don’t leave it to the last moment and start to prepare now for it.

The first step in preparing for quarterly tax filings would be to engage with a professional. Either a bookkeeper or accountant that is using an online bookkeeping package. My preferred online package is QuickBooks though Xero is very popular and either will do the trick. Not only will an online bookkeeping package help with the quarterly filings but also will help to get your books in order. Gone are the days that you could drop a bag of receipts off and hope for the best that either you don’t have too much tax to pay or that you have enough to get that mortgage you were hoping to achieve. They are all plain sailing you will need to have some involvement other than just attaching it to your bank account and getting professional help with this is worth its weight in gold.



Read more about the extension

https://www.gov.uk/government/publications/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords/extension-of-making-tax-digital-for-income-tax-self-assessment-to-businesses-and-landlords

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