Sole traders and landlords with turnover above £10,000 will be impacted by big personal tax changes coming up soon
They will have to file 6 tax returns for 2024/2025, possibly before their tax return for 2023/2024 is completed.
This tax year (2022/2023) and next tax year (2023/2024) |
1 annual tax return |
Online filings by 31 January 2024 (for 2022/2023) or 31 January 2025 (for 2023/2024) |
It will be fine to keep paper records |
Tax year starting April 2024: |
6 tax returns (minimum) |
4 quarterly live submissions per business (3 during the tax year) |
1 annual End of Period Statement per business |
1 annual ‘Final Declaration’ submission per individual |
Must keep records digitally |
Filing with HMRC, via digitally compliant software |
