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I've found a great tool for those setting up in self employment and are ok with computers. This website offers an excel template where you enter your income and expense categories, then every month you enter the financial information. It updates the spreadsheet and gives you a clear picture of your finances in readiness to hand over to your accountant at the end of the tax year....Please click on the template button.
HMRC email updates, videos and webinars if you’re self-employed
Learn more about your responsibilities if you're running a small business including registration, tax returns, record keeping, tax bills and payments.
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HMRC MTD (making tax digital) is here....I certainly didn't want it and i'm sure you didn't so we'll have to get used to it. As of April 2026, all self employed and property income with a turnover of £50k must begin MTD. It means that you will need to complete a mini tax return to declare your income and expenses every 3 months, then submit a final 5th one drawing the 4 together and pay any tax due. So April, May and June will need to be declared in July and so on each 3 months....
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