[JandS]

What if you are under £30,000 turnover.

[dd]

From 2028 it applies to everyone with 20k annual income and above.

[AuRavelling79]

Just had a letter from HMRC.

They are basing the figures on my 24/25 year for turnover and any rental income combined.

I scrape under the mandatory 50k. I thought they were basing it on 23/24 where I was just over the 50k but no.

However I am going to voluntarily join up to get ahead of the game.

[zesty]

Just had a letter from HMRC.

They are basing the figures on my 24/25 year for turnover and any rental income combined.

I scrape under the mandatory 50k. I thought they were basing it on 23/24 where I was just over the 50k but no.

However I am going to voluntarily join up to get ahead of the game.

So you’ve already filed your 24/25 tax year? Guessing that’s why you got a letter.

[dazmond]

Just had a letter from HMRC.

They are basing the figures on my 24/25 year for turnover and any rental income combined.

I scrape under the mandatory 50k. I thought they were basing it on 23/24 where I was just over the 50k but no.

However I am going to voluntarily join up to get ahead of the game.

So you’ve already filed your 24/25 tax year? Guessing that’s why you got a letter.

I never file until xmas/1st week of new year...

[zesty]

Just had a letter from HMRC.

They are basing the figures on my 24/25 year for turnover and any rental income combined.

I scrape under the mandatory 50k. I thought they were basing it on 23/24 where I was just over the 50k but no.

However I am going to voluntarily join up to get ahead of the game.

So you’ve already filed your 24/25 tax year? Guessing that’s why you got a letter.

I never file until xmas/1st week of new year...

Same 

[NBwcs]

My accountant reckons it's a prelude to quarterly tax payments, a few years down the line.

That'll be fun.

MTD is being phased in depending on your turnover.
from April 2026, for those with qualifying income over £50,000
from April 2027, for those with qualifying income over £30,000
I too would bet that quarterly tax payments are on the way just like the way VAT payments work.

50,000 profit or turnover?

It's Turnover. gross profit..

For me when ready I will be using 123 sheets.  Simple bridging spreadsheet costing £20 for the year.

Will 123 sheets work with George do you think?

You cant use George to send the data to HMRC, that's why bridging software is needed like 123 sheets to do that job. 

George like any other software is classed digital.  It's just good bye to old fashioned paper and pen and paper storage. 

Read the FAQ on 123 sheets page, they are really good.

If using George you will still need to make sure all expenses are kept separately and digitally stored instead of filed paper.  I never use George for accounting anyway.  I use a spreadsheet, I created, set up like a p&l recording all expenses.  I then enter a total income onto my sheet each month from George. 

I will just modify my spreadsheet so it also pulls calculated quarterly totals aswell.  Then transfer those figures to 123 sheets .  It's really simple.

So on your spreadsheet,do you have to breakdown income received into bacs / cash seperately or can you just record one figure each week which covers all payments received?

[dd]

I have never broken down the form of payments I receive, always just given hmrc a single total figure for my annual income. Don't see anything about that changing, except with MTD I would need to supply this quarterly.