New HMRC rules for Self Assessment from April 2018
20th July 2017
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From April 2018, the self-employed and property landlords are going to have to file quarterly assessments for June, September, December, and March with a final one for the whole year in January 2020.  This one will eventually be phased out.  The first year will be larger company directors and sole traders who already file VAT returns.  Starting from April 2019, all the remaining sole traders will have to do this as well.

The paper tax return will eventually be phased out completely, and the reporting will be done online through their tax account.  Whilst this may be difficult for those not digitally savvy, HMRC say this will be easier as they automatically be adding the information they hold, such as pensions, employment, and savings.  So, you will only have to add additional information from your self-employment.

All taxpayers will have their own online account with HMRC, many already do.  This will give an up to date view of their tax position.  You will be able to let agents manage your account for you, and it will still be possible for agents to link their accounting software to the new digital account.  You will also be able to pay-as-you-go, making cash flow more manageable, although there is no reason to stop you doing this now.

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HM Bookkeeping Ltd

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HM Bookkeeping & Payroll Services Ltd has been helping their clients with their accounting problems for the past 10 years.

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