I love VT. I’ve used it right from when I first became self-employed. Other bookkeeping software has come on to the market, which on the face of it might seem like an improvement. Maybe it’s cloud-based, or has the facility to connect to my bank and download transactions directly into the software. Yet still I…
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From September 2026, HMRC are going to start auto-enrolling anyone who they believe should be in the new Making Tax Digital tax system who hasn’t signed up voluntarily. The disadvantage of HMRC signing you up is that you lose the opportunity to check the business and rental property details that HMRC hold about you. There…
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𝗗𝗼𝗲𝘀 𝘆𝗼𝘂𝗿 𝗯𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗶𝗻𝗴 𝘀𝘆𝘀𝘁𝗲𝗺 𝗼𝗿 𝘀𝗼𝗳𝘁𝘄𝗮𝗿𝗲 𝗺𝗮𝗸𝗲 𝘆𝗼𝘂 𝗳𝗲𝗲𝗹 𝗹𝗶𝗸𝗲 𝘆𝗼𝘂’𝗿𝗲 𝘀𝘁𝘂𝗰𝗸 𝗶𝗻 𝘁𝗵𝗲 𝗺𝘂𝗱? Have you been ploughing on with the same old package or spreadsheet for years? Or have you recently subscribed to a new software package that just doesn’t seem to be working for you? Using software that doesn’t suit you or…
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Earlier this month I met with a lady who has kindly agreed to be a bookkeeping case study for me. We discussed the nature of her business, how she currently keeps her receipts and records, and any other software she uses in running her business. We started by looking at what she’s doing currently: keeping…
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As an independent sales representative (eg, Avon), it’s tempting to think of the commission element as being your “income” for tax purposes. After all, that’s the only bit you get to keep. But the way it’s viewed for tax purposes, is that you’re buying the products from Avon at 70-100% of the selling price, and…
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Tax is changing! But not for everyone. Here’s a quick reminder of what’s changing this year and for whom. 2026-27 (tax year starting 6th April 2026) Making Tax Digital (MTD) only starts on 6th April 2026 if the total self-employed and rental income (before expenses) shown on your 2024-25 tax return was over £50,000. If…
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There’s no easy way to answer that. The landscape is constantly changing and new products are coming to market all the time. But here are a few things to consider: 1. Are you looking for free or paid-for software? Although HMRC aren’t providing any free software, they have been encouraging software developers to provide MTD…
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It all depends on where you’re starting from, and whether you use more than one software package to handle your business record-keeping. If your business is straightforward, Making Tax Digital should be too. The main changes will be to make sure the way you keep your bookkeeping records in a way that complies with Making…
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Despite the advantages of using software, what if you’re happy using spreadsheets for your bookkeeping and don’t want to change? In this blog, I explore a free bridging software solution that enables you to keep using spreadsheets and still comply with Making Tax Digital. Making Tax Digital and spreadsheets If your combined income from self-employment…
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The short answer is – yes, you can – but here are some factors to consider: Which tax system are you in? If you’re in Self Assessment, spreadsheets are absolutely fine. You can keep your records in a spreadsheet and manually transfer the totals onto your tax return once a year. If HMRC have moved…
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