June 16, 2022

Article

The Changes

If you have trading or property income before expenses of more than £10,000, as of 6 April 2024 there is a requirement to submit quarterly returns to HMRC via “MTD-complaint software”. You will be required to make 4 quarterly submissions followed by an end of year statement by the 31 January in the following year.

This is obviously a radical change in how this income is reported to HMRC, and will no doubt be a daunting prospect for many. At Albert Goodman, we are already preparing for these changes and are able to provide you with the tools you need to become compliant, but more importantly the support to make the process as simple as possible for our clients.

We believe we are ahead of the curve in this respect, and so please do get in touch with your trusted advisor here at Albert Goodman, as the earlier that you get in touch, the easier the transition will be.

What You Need To Do

Anyone caught by the new rules will need to use “MTD-approved software” to submit their quarterly returns. The well-known systems that are already committed to being compliant include Xero, QuickBooks and Sage, but it is important to note that not all accounting systems will be compliant. If you are unsure whether your existing software is compliant, get in touch and we can offer advice on your current system or switching to one of our supported systems.

If you are not already using some form of cloud software, we are able to work with you to find the right package and subscription for your needs, that will also be compliant with the new rules. We can then provide any training required to give you the confidence and ability to not simply prepare your quarterly returns, but to utilise the software to benefit your business.

If you have any questions relating to any of the above, please feel free to get in touch with your advisor at Albert Goodman, or if you are new to Albert Goodman, you can leave us a message via our website and we will get in touch with you.

We are also running a pilot scheme for any clients that wish to gain some experience using the software and filing quarterly returns ahead of the mandatory sign up in 2024. If you are interested in taking part in the pilot scheme, please do contact us.

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