Your next steps
We’ve teamed up with Mazuma, our accountancy partner, to make Making Tax Digital easier to understand. This article is general information only, so please speak to a qualified accountant if you need advice about your own tax position.
If you have not done anything yet, do not panic, but do not put itoff either. Time passes regardless, and the more of it you give yourself, theeasier this is. Here is where to start.
Start here, this week
- Check whether you are in scope and which phase you fall into.
- List your income streams, so you know how many sets of updates you will be filing.
- Put the deadlines in your diary now, with a reminder the week before each one.
- Open a separate business bank account if you have not already, so your business income and costs are easy to see.
- Get into the habit of capturing every receipt the moment you spend. A quick photo is enough.
- Decide your approach: do it yourself with software, or hand it to an accountant.
Why an accountant is worth it
Tax is the sort of thing where it really pays to have someone inyour corner who does it all day, every day.
- They have seen it all before. A letter or a tax code that would worry you will not worry them, and if there is something that needs sorting, they will sort it.
- They protect your money. A good accountant makes sure you are claiming everything you are entitled to, so you are not paying a penny more tax than you should.
- They give you your time back. That frees you up for the work that actually pays.
You could probably have a go at cutting your own hair or fitting your own shower. Whether you should is another question entirely. Tax is much the same, so it is usually worth leaving it to the people who do it for a living, and then getting on with what you do best.
Where Mazuma comes in
Mazuma is the UK's original subscription accountancy service, built for sole traders and small businesses. For a fixed monthly fee, Mazuma handles your bookkeeping, your Making Tax Digital quarterly updates and your year-end, with a qualified accountant on hand whenever you need one. No surprise bills, no jargon, and no January panic.
As an Admiral Business customer, you can book a free, no-obligation chat to find out exactly where you stand with Making Tax Digital.
Public and Employers’ Liability Insurance Explained
Key differences between the two:
Covers injury or damage to the public.
Covers injury or illness to employees.
Not legally required.
Legally required with staff.
Common for customer-facing businesses.
Required for any business with staff.