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Record keeping for the self-employed

29/06/2018 07:40:53
This live webinar is aimed at sole traders and partnerships and is intended to give you an introduction to the basic principles of keeping good business records.

Follow the link below to register and use the drop down menu to choose the most convenient date for you.


Record keeping for the self employed
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Record keeping for the self-employed

11/07/2018 09:46:38
I am trying to find out the turnover threshold for electronic record keeping for small businesses. I am semi retired and my turnover is below £20,000 per annum. I have always produced hand written accounts in an analyis book but have been told this is no longer allowed? I have been advised to use a software package such as 'Xero'. Can you please advise me.
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Re:Record keeping for the self-employed

11/07/2018 14:29:07
Hi
This will apply to businesses with turnover above the VAT threshold (currently £85,000). Businesses with turnover below the VAT threshold will not be required to use the Making tax digital system but can choose to do so.
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Record keeping for the self-employed

29/04/2019 14:20:27
My husband is a self employed fisherman and is vat registered, will he have to go over to electronic record keeping? His earnings are below the vat threshold (85,000).
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Re:Record keeping for the self-employed

30/04/2019 07:11:14
Hi,

Only businesses with a taxable turnover over £85,000 are currently required to sign up to Making Tax Digital.
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Re:Record keeping for the self-employed

30/04/2019 11:17:42
Hi,

Sure you have been asked this a thousand times, so apologies in advance. I bought a business late last year, that since last August 2018 has turned over £18,205 (approx £2000 per month). Accounts are from Nov and since then I have turned over £12,133 in 6 months (again approx £2000 per month). My intention is to take the turnover above the threshold for VAT MTD but don't think it will happen this year due to constraints on the business. When do you think I need to go MTD.

Thanks for your help
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Re:Record keeping for the self-employed

30/04/2019 14:22:22
Hi,

Only businesses with a taxable turnover over £85,000 are currently required to sign up to Making Tax Digital.

Information on when you have to is found at:

Check if you have to follow the Making Tax Digital rules

If you are under the threshold there is no requirement to sign up and is a business decision.

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