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Still life bookkeeping photo of a sales ledger with a pile of receipts, invoices and a pri

Bookkeeping

R L Ferris offers bookkeeping and business accounting for a diverse range of businesses. Contact us today to discuss your specific requirements.

We offer a full bookkeeping service at very competitive rates, covering weekly / monthly computerised bookkeeping and completion of VAT returns where required.

We will work alongside you to gain a full understanding of your business and tailor the work done to your specific needs.

This can relieve you and your staff of an enormous administrative burden, and may prove to be invaluable with the prospect of the new MTD regulations being brought in by HM Revenue & Customs

 

Making Tax Digital (MTD) for Income Tax is a proposed new system for recording and reporting income and expenses if you are self-employed and/or receive property income.

When you come within the scope of MTD for Income Tax regime you will be required to:

  1. Keep your records in digital format. This means that most people will either have to use specific accounting software packages or apps or maintain spreadsheets to record their business transactions.
     

  2. Submit quarterly updates to HMRC to declare business/property income and expenses for the three-month period covered by the update. The updates will be due for submission within one month of the quarter end.

    Bridging software should also be available in due course which will enable those using spreadsheets for record keeping to link to HMRC’s systems and submit the required quarterly information.

     

  3. Submit an ‘end of period statement’ to confirm the final taxable profit for the accounting period for the business, and provide details of any other taxable income in the tax year instead of completing a Self Assessment tax return.

 

The government intends that Making Tax Digital (MTD) for Income Tax will eventually apply to most people who are self-employed and/or receive property income.

It was due to become mandatory for those with annual gross income of £10,000 or more from April 2024 but the government announced in December 2022 that they would be allowing more time for both businesses/landlords and HMRC to get prepared for the introduction of the new system.

The timetable for mandatory compliance with the MTD rules is now as follows:

  • From April 2026 for those with annual gross income of over £50,000

  • From April 2027 for those with annual gross income of between £30,000 and £50,000

If you are self-employed and receive property income, the gross annual income figure above applies to total gross income from both sources.

Looking For Help With Your Bookkeeping, Contact RL Ferris On 0151 228 0282 or 0151 280 2802

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