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Happy Balance Bookkeeping, Reading (2026)

06/02/2025

How can I be prepared?

* If you don’t already keep records digitally, consider moving to digital records as soon as possible, so you have plenty of time to prepare
* Make sure you use a software provider that works with MTD for Income Tax. You can find HMRC’s list here …

https://www.gov.uk/guidance/find-software-thats-compatible-with-making-tax-digital-for-income-tax

* Regularly update your records rather than leave it until the last minute. Then you will be in good habits in plenty of time. Using software can help massively with this, and many software packages have apps that make it easy to snap and upload receipts on the go. As well as invoice or add bills from your phone too. So you can ditch that carrier bag or box of receipts! And no more January panics. Who wants to spend their Christmas break dreading January anyway?!

See it as an opportunity …

* Whilst it may mean more administrative work - think of how much more of a handle you will have on your business position and cashflow. You will have a good visibility of your tax position for the year. No more sleepless nights wondering whether you have enough put aside for your tax bill.

How can I help?

* I can help you to transfer to digital record keeping, and recommend software solutions for you. Software doesn’t need to be costly, in fact it can even be FREE
* I can take care of your submissions and bookkeeping for you, making sure you don’t miss any deadlines
* Feel free to contact me to discuss, I always offer a FREE, no obligation initial meeting or call to discuss your requirements.

06/02/2025

What is Making Tax Digital?

* The first stage was rolled out from 2019 and affected VAT registered businesses. It requires them to keep digital records and use MTD compatible software to submit VAT returns
* The next stage is Making Tax Digital for Income Tax (MTD ITSA). This will replace the current system of annual self assessment tax returns, and will begin to be rolled out from April 2026

Will it Affect Me?

* Are you a self-employed business owner or a landlord? Is your income (not profit) over £20,000 a year? Then if so, the answer is YES!

When will this happen?

* Self-employed business owners and landlords with a total business or property income above £50,000 will have to follow MTD for Income Tax rules from April 2026 (income and eligibility will be assessed on your 25/26 tax year)
* Self-employed business owners and landlords with a total business or property income above £30,000 will have to follow MTD for Income Tax rules from April 2027
* Those self-employed business owners and landlords with income more than £20,000 will also eventually have to comply before then end of this parliament (by 2029 at the latest), but the exact timing for this group will be announced at a later date
* Partnerships will be required at a date yet to be announced.

How will it affect me?

* If you fall into one of these categories, from the date you are required to join you will have to…
* Keep records of your business income and expenses in a digital format
* Send quarterly updates of your business income and expenses to HMRC for each type of revenue (self-employed business or property) via MTD compatible software
* At the end of the year submit a final declaration will need to be made that replaces the current self assessment return
* This does NOT affect the dates any tax owed is due

What are the Deadlines?

* The quarterly dates from 6th April of the tax year will be…
* 7th August
* 7th November
* 7th February
* 7th May
* The final declaration will have to be made, and any tax you owe paid, by 31st January following the end of the tax year

Part 2 to follow …

14/01/2025

Top Tip Tuesday …

Accounting software can make your life so much easier, saving you time and reducing errors. But for a small business or sole trader, the cost of it can seem off putting. There are various accounting software providers with varying features, benefits and prices which are all worth looking at.

But software I always like to recommend to my small clients is FreeAgent. It is simple to use, and perhaps the biggest driving force behind this is the fact that many can get it totally FREE through their bank accounts! If you bank with NatWest, Royal Bank of Scotland, Ulster Bank or Mettle this means you! And many people open accounts just to take advantage of this. It can save a sole trader from £190 a year!

And with Making Tax Digital for Income Tax Self Assessment (ITSA) starting to be rolled out from April 2026 it is good to get ahead and be prepared by moving to digital bookkeeping.

I am also a FreeAgent accredited partner. Contact me for any questions or if I can help!

13/01/2025

Self assessment deadline is only 18 days away! Submit by 31st January to avoid any fines.

Why delay? Submit today!

08/11/2024

Do you have a student loan?

It could be worth checking if you are due a refund. There are several reasons why you could have overpaid on your loan and be entitled to a refund.

Reason 1. You repaid the loan in SOME MONTHS despite not earning enough in the FULL YEAR

Reason 2. You’re on the WRONG PAYMENT PLAN by default

Reason 3. You’ve started repaying TOO EARLY

Reason 4. You had money deducted AFTER the loan was FULLY REPAID.

This was featured on The Martin Lewis Money Show earlier this week. And subsequently led to the student loan website crashing from all the web traffic! This article explains in more detail.

https://www.moneysavingexpert.com/students/student-loan-overpayment-refund/

With Christmas fast approaching, a few minutes checking could be worth it!

04/09/2024

Are you newly self employed? Do you have a side hustle earning more than £1000? Rental income? These are just some of the reasons you might need to register for self assessment. If you’re not sure check out the guidance here …

https://www.gov.uk/self-assessment-tax-returns/who-must-send-a-tax-return

You need to register here by 5th October 2024 for the 23/24 tax year (6th April 2023-5th April 2024)…

https://www.gov.uk/register-for-self-assessment

Don’t delay, register today!

16/05/2024

Where has the summer gone?!! This is my fab advertising board thanks to - now we need some more of that sunshine we had at the weekend ready for lots of uninterrupted cricket play!

I’m keeping everything crossed for a return of the ☀️ very soon!

As always, if I can help you with your bookkeeping needs please do get in touch for a free, no obligation meeting to discuss your requirements.

And if anyone knows of a product that means you can work in the garden on your laptop and actually see the screen I’d be very grateful for recommendations!!! I’m determined to find a way - when the sun comes back that is 😂☀️🤞

01/05/2024

How can I help you?

These are the services I can offer to you and your business. I am going to do a series of spotlight on services posts explaining in more detail what I can do and how I can help you. So look out for these!

I always offer a free, no obligation meeting to potential new clients to discuss how I can help. That way I can get to know you better and what would work best for your situation.

I am licensed, regulated and supervised for AML by the ICB (Institute of Certified Bookkeepers). I am insured and also registered with the ICO. So you can rest assured you will be in safe hands!

So please do get in touch if I can help 😊

19/04/2024

So it’s probably time I told you a bit about me and why I set up Happy Balance Bookkeeping…

I’m Steph, this is me and my family. I’m married with three very active sons aged 12 (soon to be a dreaded teenager!), 9 & 8. I enjoy days out with my family, listening to music while I work and of course being a taxi service and meal/snack provider - I mean that’s what us Mums are here for right?!

Before having my sons I built a career working in merchandising in retail head offices. I enjoyed my job, but I loved my family more and valued time with them. I was fortunate to be able to take a career break while my sons were young. But once they were at school I needed to find something to fit flexibly around them and all the activities they do. Which is when I found bookkeeping. With experience in a number crunching job, and a degree in business I thought this was a good fit to set up on my own and work for myself.

I qualified and gained my practice licence with the ICB as a bookkeeper in 2023. And I’ve since gone on to qualify to provide payroll and self assessment tax too.

I offer my services to small businesses and sole traders who don’t have the time or the inclination to do their books. To free you up to spend more time doing what you enjoy and to focus on running your business. To help you achieve the happy balance in your life too.

I offer a free, no obligation meeting to get to know you and discuss your needs and how I can help. So if you think this sounds like something you need please get in touch, and I’d love to help you ☺️

Happy Balance Bookkeeping

06/02/2025

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