📢 HMRC’s New Self-Assessment Rules – What You Need to Know (Without the Boring Bits!)
Right, sole traders, listen up – HMRC is about to shake things up in the world of Self-Assessment, and while I can’t promise it’s exciting news, I can promise to make it easy to understand (and maybe even mildly entertaining).
🗓 The Big Dates to Remember
From April 2026, if your business turnover (that’s total income, not profit!) is over £50,000, you’ll need to:
- File your Self-Assessment quarterly
- Use a digital accounting program to do it
Then the net widens:
- 2027 – anyone earning over £30,000 turnover
- 2028 – anyone over £20,000 turnover
And here’s the kicker – HMRC will base this on what you’ve declared in the past. So if you’re not likely to hit that £50,000 mark next year, you’ll need to tell them. Will they still chase you by mistake? Quite possibly (HMRC’s right hand doesn’t always know what its left hand is doing…).
💻 Goodbye Spreadsheets, Hello Digital Everything
This is the big change – no more just shoving your receipts in a drawer until January and hoping for the best. Every single entry on your bank statement will need to be recorded and categorised.
If you don’t already have a separate business bank account, get one now. My personal favourites? Monzo and Starling – all nice and digital.
You’ll also need a proper accounting program like QuickBooks, Xero, or similar. Prices range from around £10 to £70 per month – unless you’re a NatWest customer, in which case you might get FreeAgent for free.
Do I love the fact HMRC is forcing the self-employed to pay to submit returns? No. (In fact, “abhorrent” is the word I’d use!) But they’ve decided, they’ve delayed it a few times, and now it’s happening.
📤 What Quarterly Filing Actually Looks Like
Here’s the good news – once your transactions are in the system, sending your quarterly return to HMRC is literally just pressing a button. They’ll even give you the option to pay your tax quarterly (you don’t have to).
💡 Don’t Panic – We’ve Got You
The most important thing? Don’t stress!
At Vicky Anderson Business Services, we’re gearing up to support you in whatever way you need:
- Helping you get set up on the right program
- Giving you training so you can confidently do it yourself
- Double-checking your entries before you press ‘send’
- Or… doing the whole lot for you, at the most affordable rate we can manage
We know this is a big shift from the old “total up the receipts once a year” method – but we’re here to make life as easy as possible.
📞 If you’re unsure what this means for you, get in touch – the sooner you’re set up, the smoother 2026 will be!
Call the Team on 01609882408 or contact us at office@vickyanderson.co.uk
Written by: Vicky Anderson
August 2025