Foreign to the Brilliant Pet Accountant Podcast with me, Vicky, where I will give you practical business and finance advice to help you grow a sustainable pet business.
Speaker AThis podcast is sponsored by Low Pay, the low rate payment platform that gives you more let's get cracking.
Speaker AHello, hello, welcome everybody to this week's Live.
Speaker AWe are going to be talking about MTD make and Tax Digital or making tax difficult, whichever way you want to look at it.
Speaker ASo if you do have a pet business, regardless of your turnover, please keep listening because it is really important.
Speaker AFor those of you who don't know me, my name is Vicky from the Pet Accountant.
Speaker AWe are an accountancy firm and we're going to be talking about MTD just because we've had a lot of questions about it recently and also it's coming up next month, so probably best get on it.
Speaker ASo even if you're not hitting the threshold, then we still need to talk about it because everyone's gonna be on it eventually.
Speaker ASo there's no point ignoring it until it gets to you because then you're just gonna get into a massive overwhelm and stress and think, oh my God, what the hell do I do?
Speaker AI should listen to Vikki back in March so that I've done my admin.
Speaker AThat is what we're gonna do today, peeps.
Speaker ANo business topics this week, but we will be back next week and I'm probably gonna do one on we did one a few months ago on what to increase your prices by or just price increases in general.
Speaker ABut next week I'm going to do one on how we actually go about doing the price increases and how we deal with customers.
Speaker ASo that's what we're going to do next week.
Speaker ABut this week I just thought as we've had quite a lot of questions, why don't I do one on the joys of making Tax Digital or how the pet accountant likes to call it making tax difficult, which actually I think Tegan came up with that.
Speaker ASo going to give credit to her.
Speaker ASo.
Speaker ARight, let us get cracking.
Speaker AThere's a few dates, a few things that you need to be aware of.
Speaker ASo I've just got my notes in the background so that I don't forget because I do go off on a tangent to tell you all of the nitty gritty and what we need to know and as always, if you have questions, please pop them in the comments and we'll answer them as I go.
Speaker ABut making Tax Digital, give us a thumbs up or put yes or just type in mtd.
Speaker AIf you actually Know what it is and what it consists of and what it is that you're going to need to do.
Speaker AIt'd be interesting to know, if there's a lot of you listening, who actually understands MTD and what it involves.
Speaker ASo if you could do me a massive favor and put MTD in the comments, if you do know, that'd be fab.
Speaker AIf no one puts MTD in the comments, I will assume no one has a bloody clue what I'm talking about.
Speaker AWhich is even better because then this podcast will be an enlightenment because none of you know what it is.
Speaker AWhich is fine, because you know it's only just starting to go on the radio, on Facebook and tik tok and stuff.
Speaker AIt's only just started to get out there, which I think is a bit bizarre considering it starts next month.
Speaker ABut hey ho, that's HMRC for you.
Speaker ASo, yeah, someone's put mtd.
Speaker AYeah, making Tax difficult from Tegan.
Speaker ARight, so making Tax Digital, you might see abbreviated as mtdit MTD for it.
Speaker AThere's different bits of acronyms that people want to call it, but basically mtd, if you see, if you see that is making Tax Digital.
Speaker ANow, you will have got a letter in the post if your turnover was 50 grand or more in the 2425 tax year.
Speaker ASo just first off, if you've had that letter, then you will need to be on software and you'll have need needed to register for MTD as of this April.
Speaker ASo let's just cover that to start with before we go into the intricacies of what it is.
Speaker ASo if your turnover, that's your sales, not your profit, was 50k or more in the 2425 tax year, you should have had a letter from HMRC to say you need to go digital from April.
Speaker ASo we're going to cover what it is, who it applies to and what you actually have to do.
Speaker AOkay?
Speaker AAnd like I said, if you've had that letter and you haven't sorted it out, you need to get a wriggle on because you do need to register from April.
Speaker ASo MTD is hmrc, basically moving the tax system online.
Speaker ASo instead of having the one tax return a year that we currently have and you keep your records on spreadsheets or notes or diaries, books, you know, whatever format that you keep your records in, or whether you just have bank statements and receipts, and we can no longer do that anymore, so that is all out the window.
Speaker AAnd you're now going to have to keep digital records by using approved software and Send updates to HMRC during the year.
Speaker ASo those of you who leave it Last Minute Sally to January, which a lot of people do, we can't do that anymore because there is going to be courtly submissions that you have to send to HMRC so we can no longer.
Speaker AWho's snoring?
Speaker AHey, Diane.
Speaker ACan't say he's snoring.
Speaker AIt's important, it's important.
Speaker AI know it probably is boring.
Speaker AOh, who's snoring?
Speaker AI thought you meant everyone was switching off.
Speaker AIt's the bloody French who next to me.
Speaker AShe's had enough of listening to me talk about mtd.
Speaker AI thought you meant it's everyone's snoring.
Speaker AI was like, no.
Speaker AI mean, maybe people are.
Speaker AWho knows?
Speaker ABut no, that is Fifi, the Frenchie who's snoring in the background.
Speaker AShe is bored of MTD already.
Speaker ASo yes, instead of leaving at Last Minute Sally in January, we're going to have to do it multiple times throughout the 12 month period, which is one of the biggest changes and probably the most annoying when it comes to you as business owners and also you know us as accountants because, you know, we could before spread out the tax returns when people give us the stuff and that could be anywhere from April to January, but now we're going to have set deadlines of when we need to submit things for people if we're doing it, and that just increases our workload throughout the tax year.
Speaker ASo for accountants perspective, please feel sorry for us because it is going to be a logistical nightmare.
Speaker AAnd like I said, there's not loads of information forthcoming even now.
Speaker ASo I was checking the dogs.
Speaker ASo.
Speaker ARight.
Speaker AKey dates, these are the things you're going to need to write down.
Speaker ASo.
Speaker ASo you don't forget.
Speaker AOkay.
Speaker ABecause this is what gets a bit confusing.
Speaker ASo MTD is going to be rolled out in stages based on your income.
Speaker ASo that's turnover, not profit.
Speaker AEverything that you make, that is what it's based on.
Speaker ASo from this April, so next month, if your total business and property income, so if you are a landlord or landlady, this applies to you.
Speaker ABut actually, before I do all that, if you are a partnership or limited company, this is still relevant, but there are no dates for when that is going to be set.
Speaker ASo you're safe for now, but still worth listening to because it will apply to you at some point and they may just spring it.
Speaker ASo still listen.
Speaker ABut this is for sole traders and landlords or landladies.
Speaker ASo from April 26 next month, if your total business or property income is 50 grand or over, then you need to register for MTD for next month.
Speaker ASo that could mean you could have 40 grand turnover for your dog room on a dog walking business and you earn 15 grand from property income, then you'd need to register for MTD.
Speaker ASo it's a combination of both.
Speaker AIf they're both over 50k, then again you're going to have to do it.
Speaker ASo business, whether you're dog or dog, border, whatever and property income combined is 50k over.
Speaker AYou need to register for NTD from next week, so make sure you do that then from April 2027.
Speaker ASo next April, if your income is over £30,000 or more, again sole traders and landlords, then you will have to register for MTD from April 27.
Speaker AAnd then the plan is from April 2028 if your income is over £20,000.
Speaker ASo basically everyone from 2028 if your income is 20k over, is going to have to go on MTD software and register for MTD.
Speaker AAlthough the 2028 one is a planned, it hasn't been confirmed.
Speaker AMy thoughts are that if that does go ahead, which I think it will in 2028, I think anyone under the 20k threshold will probably do it as normal would be my guess, because it's not worth you're paying for the software and paying for accountancy fees if you're earning like 11 grand or 5 grand or whatever.
Speaker ASo that is what I think they're going to go with it is it'll be for 20 grand over from 2028 and anyone under that won't have to do MTD.
Speaker ASo eventually all of you that are listening are going to be within one of those brackets, whether it's this year, next year or the year after.
Speaker ABut Please remember the 50k is business and property, okay?
Speaker AIt doesn't involve any paye or dividends or anything like that.
Speaker AIt is just turnover your income, okay, 50k or more.
Speaker AEven if you're not in next week's bracket or next month's bracket and you're on the 30K Rover, I would suggest getting on software now so that you get used to it.
Speaker AEspecially if you're going to do it yourself.
Speaker ARight guys, I'm just going to interrupt the podcast for a quick second.
Speaker AAs an accountant, we're always trying to find ways of saving you guys some money, which is why we have teamed up with the brilliant Low Pay who are half the price of summer.
Speaker ASo make sure you guys click the link in the bio and save those pennies.
Speaker ALet's get back to the podcast.
Speaker AYeah, 50k in the tax here.
Speaker ASo just to answer the question, is that 50k in the tax year 24, 25?
Speaker AYes.
Speaker AObviously if you hit 50k in the 25, 26 tax return that is going to be due again after April next month, then you will go on to next year's April 27, because obviously we're not going to know if you've hit that until you send us the tax return.
Speaker ASo they can't expect you to register because you might not give us a tax return until like October.
Speaker ASo if you've hit 30 or 50, well over 30, and you're 25, 26, then you're going to need to register for next year.
Speaker ASo only 50k on the 24, 25 tax year, you will have to register for MTD.
Speaker AOkay, so if your business is growing, you know, and you're going to hit that threshold, then just get it sorted straight away, get yourselves on software so you get ahead of the game and just remember it's based on your total income and not what you take home.
Speaker ASo I wonder just if people who are listening, is there anyone that's going to have to start from next year, could you put in just apr 26 if you are going to be one of those people that do hit it next month so we can see how many people are listening.
Speaker ASecond jobs, again, if a paye.
Speaker ANo, if you're sold, if you've got like four sole trader jobs, do various different things.
Speaker AAnd yes, it's combined income but not PAYE jobs.
Speaker ABut let me know if it does affect anyone this year by just putting April 26 or 2026, it'd be interesting to see how many.
Speaker AOr put 20, 27.
Speaker AIf it's going to be you for next year, we'll see how many we get.
Speaker ASo what you actually have to do, and this is, this is where we name it making tax difficult.
Speaker AUm, you know, it's one of those where I don't necessarily agree with it.
Speaker AI can see why they're doing it.
Speaker AI don't necessarily agree with it because it would be like saying, right, the government has decided that everyone must groom their own Dogs from April 26th.
Speaker ASo get yourself some scissors and some clippers and whatever else and do your own dog.
Speaker ACould you imagine what the dogs would look like?
Speaker ABecause you aren't, you know, I'm not a groomer, so how the hell would I know how to groom a poodle or a bichon or whatever?
Speaker AAnd it's exactly the same Saying, oh, right now everyone's got to go on software and you've got to fill this in, but you're not accountant, so you're going to struggle because the, the accountancy software does need an element of accountancy knowledge to do it properly.
Speaker ASo hey ho, I'm next year.
Speaker AI've already made everything up to QuickBooks.
Speaker AOh, Becky, if you've not listened to me before, everyone will tell you that QuickBooks I'm not a massive fan of, it's very clunky.
Speaker ASee if you get on well with it, it's personal preference.
Speaker ABut if you haven't started yet, I'd have a look at free agent because I don't, I hate QuickBooks.
Speaker ABut again, it's just personal preference.
Speaker ASo three main things that we have to do.
Speaker AFirst one, like I said before, is keep digital records.
Speaker ASo all income and expenses have to be recorded digitally.
Speaker AIf you want to do it on paper as well, just for your own sanity, then that's fine, but it must be on digital software.
Speaker ASo no more paper notes, end of year catch ups, anything like that.
Speaker AEverything has to be digitally recorded.
Speaker ASo that's sort of change number one, the next one, which is the biggie.
Speaker ASubmit quarterly updates.
Speaker ANow this is where it gets tricky.
Speaker ABecky's put I really like it with a little.
Speaker AYeah, make personal preference, Becky.
Speaker AI just absolutely detest it.
Speaker ASubmit quarterly updates.
Speaker ASo every three months you have got to send a quarterly update to hmrc, which in essence is like a mini tax return in the sense of you've got to submit your income and expenses in a certain way on the software every three months to hmrc, which means your bookkeeping is going to have to be up to date.
Speaker AYou're going to have to be more organised to make sure that your bookkeeping is done in time for you to submit that quarterly update.
Speaker ANow, there will be a set time frame for you to submit those quarterly updates and if you miss the time frame then, then you will get a penalty point from hmrc.
Speaker AAnd in this case, points do not mean prizes, points mean big fat fines from the lovely hmrc.
Speaker ASo you will have deadlines to submit those quarterly updates, which is joyous.
Speaker AHowever, there is a good thing to it.
Speaker AIf you make a mistake, it's not done and done.
Speaker ALike once you've submitted it, you think, oh crap, I've realized I've done something wrong, I need to go back and fix it.
Speaker AYou can update the quarterly submissions if you've made a mistake, but just bear in mind, if you make so many mistakes and you're going backwards and forwards into the quarters, changing things.
Speaker AIt will raise a red flag with HMRC and they're more likely to come knocking and seeing what you're doing.
Speaker ASo the less mistakes you make, the better.
Speaker ABut it's not the end of the world if you submit a quarterly update and you make a mistake because you can go back and fix it.
Speaker AThe quarterly updates aren't sent separately.
Speaker ASo you'll send quarter one and then when you do quarter two, you'll be submitting quarter one and quarter two, and then when you go do quarter three, you'll be submitting quarter one, quarter two, quarter three.
Speaker ASo all links, they're not done separately, but you have to do those every three months within a set time period.
Speaker AIf not, you'll get a point from HMRC and points mean fines.
Speaker ASo we need to erase doing that and then it gets better.
Speaker AAt the end of that period you will have an end of period statement to complete and also your final declaration.
Speaker ANow these two are done at the same time and these replace your conventional tax return that you currently do at the minute.
Speaker ASo it'll be an end of period statement and a final declaration.
Speaker AAnd this is where you add in any other jobs you might have, like paye, any adjustments that need to be made to your figures, like use of home.
Speaker ASo the things we do, like your capital assets, your use of home accruals, things like that will all go in those two statements and declarations at the end.
Speaker ASo there's essentially sort of five things that you need to do.
Speaker ABut, but when you see end of or final declaration, end of period statement, that is basically just what the traditional tax return is now.
Speaker ABut that has to be done through the software.
Speaker ASo again, it makes it a bit more tricky unless you have other software that can submit it, like accountants, we do things on various different softwares that will allow us to do it without going through the software.
Speaker ABut obviously you guys aren't going to pay for that because it's a bloody fortune for doing one tax return.
Speaker ABut that's the benefit of getting an accountant because we have these other things that we can do to make your life easier.
Speaker ASo you've got four quarterly updates plus the end of period statement final declaration that you have to do at the end, which is technically the traditional self assessment.
Speaker ASo more frequent, you're going to have to be more organized to get these done so that you don't collect penalty points.
Speaker AWith HMRC that will equal fines.
Speaker ANo digital records mean.
Speaker ASo you have to go on accountancy software.
Speaker ASo Free agent Xerox.
Speaker AOh there's loads of account software.
Speaker AWe recommend free agent Xero.
Speaker AYou can get free agent free with a metal or Natwest bank.
Speaker AXero is a bit more complex but it does a lot more.
Speaker AAnd free agent is aimed at business users doing their own accounts and their own bookkeeping.
Speaker ASo when it means you've got a good digital record, it just means that rather than writing your income and expenses on a spreadsheet or whatever, you, you have to do it on the software.
Speaker AYou connect your bank and then you do everything on the software.
Speaker AI haven't started my business yet.
Speaker APlan to be self employed.
Speaker AHow much?
Speaker AWell that's a million dollar question.
Speaker ASounds like a blast.
Speaker AYeah, I can't wait.
Speaker AI'm actually going to retire on the 5th of April.
Speaker AA joke.
Speaker ADon't, don't go spreading that.
Speaker AI'm not, I'm just joking but I want to um.
Speaker AIt's not, it's.
Speaker AYeah, it's going to be an absolute admin nightmare especially for us accountants which we're trying to sort out at the minute as well, is to make sure all our clients are where they need to be to make sure that we get everything done for you guys.
Speaker AAnd all accountants will be in the same, in the same place.
Speaker AWith regards to price it's going to be difficult to say what an average price is going to be because as you probably know all accountants will charge different amounts.
Speaker AWhether that's for self assessment, limit companies bookkeeping, payroll.
Speaker AThere's no set standardized fee for accountants so you might go to one accountant like there was a lady who put in the group yesterday, I think saying she had been quoted 500 pound a year just for the quarterly submissions.
Speaker ANow our submissions are £15 plus fat a month which I think works out around about £180 a year.
Speaker ASo you can see already there's a massive difference between us at £180.
Speaker AAnd wherever this lady went and was called £500 for the year and that is just for the submissions, that's not for the bookkeeping.
Speaker AThe bookkeeping is a, is a separate service that you'd either do yourself and get an accountant to do the submissions or you get the accountant to do the bookkeeping and the submissions.
Speaker ASo you can choose whether you're happy doing your own bookkeeping or you just want the accountants submit them for you or whether you just think, you know what, I'll just have the accountant do all and pay for the submissions and the bookkeeping.
Speaker ABut as a price it's like a million dollar question.
Speaker ABecause everyone's situation is different as well and everyone's going to be different.
Speaker ASo we don't know.
Speaker ABut I can tell you very open and honestly that our MTD submissions are £15 plus fat per month to do the submissions and obviously we have the all in one package which includes everything or you can do everything individually.
Speaker ASo you can just give Tegan a buzz if you want to inquire about that.
Speaker ABut yes, as I say, always when you're looking at accountants, if you don't decide to come with us, do your due diligence and just make sure that they are who they say they are, they know what they're doing and they aren't having your eyes out with extortionate fees like that 500 pound.
Speaker ABecause that is a bit ridiculous.
Speaker ABut there you go.
Speaker ASome larger firms may need to charge more.
Speaker AI don't know.
Speaker ARight.
Speaker AOh my pets.
Speaker AConcierge.
Speaker AI invested in the all in one package.
Speaker AYep.
Speaker AAgain, we do do the all in one package and the price is based on turnover.
Speaker ASo we'd need to know your turnover in order to give you a price because someone who's earning 500 grand is going to pay more than someone that's earning 40 grand.
Speaker ACan you use the digital software from your online business banking app?
Speaker ASo some banks will have MTD software built into them and you've just got to check that they are MTD compliant before you pay for them.
Speaker AThey're not as like obviously in depth as the accounting software.
Speaker AIt's not going to, you know, help you grow your business or look at your figures.
Speaker AIt'll just be a, you know, pace X amount per month and it'll do the absolute basic of what it needs to do.
Speaker ABut when you're looking at software, just make sure that it's MTD compliant so that you don't waste your money.
Speaker AAlso, Vicky and team understand our industry.
Speaker AReally important not sponsored fact.
Speaker AThank you.
Speaker AWe don't pay anyone for these reviews, but yes.
Speaker ASo make sure you get the right software.
Speaker ASo just to recap, it has to be digital I. E. Accountancy software, free agent, Xero, QuickBooks, decks, whatever you want to choose.
Speaker AWe prefer Xero and Free Agent and that's all that we will recommend quarterly updates every three months.
Speaker AYou can do them, you can get an accountant to do them, but your bookkeeping must be on point because you don't want to make too many mistakes and give it to your accountant at the end of the year and then we have to go and change Everything and it sparks something with HMO MRC because they are becoming very, very strict.
Speaker AYou will then have, like I say, the final statement and final declaration at the end that are done together which replaces the traditional tax return.
Speaker AHopefully people are following that because I know it's a lot of.
Speaker AJust Melissa MTD starts being occurred.
Speaker ASo you'll only go on this April if you hit 50k in the 24, 25 tax year.
Speaker AIf you hit it in the 2526 or you're over 30 grand in the 2526 then you will go on MTD next year.
Speaker ASo only if you hit the 24, 25, 50k in that tax year will you need to do it this April.
Speaker AYes, we are still taking on clients, although we are probably running out of spaces at the rate that we've had a lot of people come to us obviously because of MTD next year and our staff only have a certain amount of capacity.
Speaker AWe don't like to overload them.
Speaker ASo yes we are at the minute I'll have to have a catch up with Tegan because she's gone a bit on a bit of a mission, especially after Crufts.
Speaker ABut we'll update you.
Speaker ABut yes, at the moment I know we are.
Speaker ASo just give Tegan a buzz Kayleigh and there she'll book you in.
Speaker AOr if you just go to the pet accountant website you can contact her that way and put in a form and go for that.
Speaker AYeah, Kyra is going on the all in one package.
Speaker AI just think, you know, it's less stressful like if you don't know what you're doing and you haven't got a clue and you can't be asked and you think I'm gonna have to sit down for ages and work out how to use this software and then I'm gonna have strict deadlines to think of as well as run my business as well as doing my social media and the sales and be everything else just outsource.
Speaker AIt is not as expensive as you might think or some, some companies might be.
Speaker ABut we're not.
Speaker AIt's not as expensive you might think, just get someone to do it for you because otherwise you'll end up in a world of pain and if you start missing deadlines you'll start getting fines and we just, we don't need to do that.
Speaker ASo we don't want stressed.
Speaker AI think I need to change my mind and do the full package.
Speaker AProbably the full package for anyone that doesn't know.
Speaker ABasically we do everything.
Speaker ASo it includes Self assessment, your software, which is in zero, you get Hub Doc, you get unlimited bookkeeping, your NTD submissions, the lot.
Speaker AIt basically does what it says on the tin and we do everything.
Speaker AAnd your only job would be to scan the receipts using the app and then that's it and we will cover the rest.
Speaker ABut if you do want it, you need to get in touch fairly soon because our spaces are limited because our staff can only do so much in a day, bless them.
Speaker ASo you've got to keep your book, your bookkeeping up to date regularly, okay?
Speaker AThis is what is going to change day to day.
Speaker ARather than leaving it until January, rather than ignoring it and doing it once every six months, you need to keep up to date with your bookkeeping on a monthly basis.
Speaker AYou need to use the accounting software, okay?
Speaker AThere might be other things that come out over the next 12, 24 months that make it easier.
Speaker AIt's stuff that we're already looking into.
Speaker ABut for now we're just keeping it simple and beyond software.
Speaker ABut next year it's not to say that something else might come out that make it easier for you guys.
Speaker ASo just keep your eyes peeled and then just be aware of the deadlines throughout the year.
Speaker ABecause you don't want to get points.
Speaker AYes, because there's points based penalty system for late submissions.
Speaker ASo the more points you collect, the bigger your fines will be.
Speaker ASo we need to make sure that we are doing our bookkeeping on a monthly basis and even if you're not till April next year, get on the software, get it done and then at least you're not going to have to stress this time next year and go, crap, what do I do?
Speaker AHow do I use the software?
Speaker AAre there any accountants out there that have space?
Speaker ABecause I know they'll all fill up because everyone doesn't want to do it.
Speaker AAnd there'll be a lot of accountants that have retired because they don't want to do it either.
Speaker ASo you might struggle to find a good accountant because they'll get snapped up straight away.
Speaker AYeah, points mean paying.
Speaker AYeah, points mean paying, not prizes.
Speaker AThat should be their tagline.
Speaker AMaking tax difficult.
Speaker APoints mean pain.
Speaker AThat's what we'll do.
Speaker AIt's a pet accounter should be right.
Speaker ADon't panic, okay?
Speaker AThat's what I want to say.
Speaker AJust don't panic because there are solutions out there, okay?
Speaker AAnd if you keep up to date with everything, if you write down the deadline days, then there's no reason why you should end up in HMRC's bad books, okay?
Speaker ASo my Advice would be, if you do it next month and you haven't sorted out, get in touch, let us help you.
Speaker ALet's get it sorted.
Speaker AIf you're next year, think about what software you want to be on and then just trial it for this year.
Speaker APlay around with it.
Speaker AWe do have a tutorial guide for free agent on the website that you can buy from the website for 40 quid.
Speaker AYou have it for life.
Speaker AAnd it's basically loads of videos that me, Lee and Abby did on how to do certain things on freeagent.
Speaker ASo if you want a software that comes with a bit of a how to guide from the pet accountant, then go and purchase that, because I'm telling that it will help you loads.
Speaker ASo just play around with the software, find one that you like, get the tutorial guide and then just play around with it so that you're ready for next April.
Speaker AAnd like I said, if you're this April and you've got an accountant, then you don't need to stress because it'll all be done for you and we will keep you up to date with what's going on and what we need.
Speaker AAnd I think that is it.
Speaker AOf all the stuff you need to know, Emma's put how much is the full package?
Speaker AWe base it on turnover, Emma, so we do in turnover brackets just to make it fairer, but it starts at £97 plus VAT per month and like I said, includes everything.
Speaker ASo if you want to do a callback like Kayleigh's done, if you just pop on the website, you can message Team Vegan and she'll get in touch with you and give you a price over the phone so you know how much it is.
Speaker ABut yeah, we base it on turnover just to make it fair for everyone and then we know everyone's on the same parameters and we don't just pluck figures out thinner like some accountancy firms do.
Speaker ASo, just to recap, then April next month for 50k or more turnover combined with your landlord, Landlady properties, and you should have got a letter in the 2425 tax year to say that you need to go on it.
Speaker ASo 50k combined income of sole trader, business and properties.
Speaker A2027 Will be 30k or more, again, including sole traders and properties, and then 2028, 20k or more.
Speaker APartnerships and limited companies, we do not have a date for as of yet.
Speaker ASo if you're either of those, you can sit back and relax.
Speaker ACarry on using your spreadsheets or paper records or whatever it is that you do because we have not got a date for those yet.
Speaker AFour quarterly submissions and then a final declaration and statement which replaces the traditional tax return.
Speaker AIf you don't submit it on time, you'll get points and it has to be done every three months.
Speaker AIt doesn't mean you have to pay the tax every three months.
Speaker AThat is still the normal deadline of 31 January.
Speaker AAlthough I have a feeling at some point in the future they will do it like they do with the VAT returns and make you pay it every quarter.
Speaker ABut that hasn't come out yet, so don't panic.
Speaker ABut I have a feeling that's where they're going with it.
Speaker ASo just keep your eyes peeled for that.
Speaker ABut like I say, the 31st of January deadline is still the same.
Speaker AIt's just those four quarterly submissions that have to be done throughout the year.
Speaker ASo you have to keep on top of.
Speaker AFree agent is probably in my opinion the best out there if you're going to do your own bookkeeping.
Speaker AAnd again we have a guide on the website that you can purchase that will explain how to do certain things.
Speaker AIt's not technical, it is literally just click here, click there, click there if that's what you want to do.
Speaker AI actually see as a positive thing last year I left my tax in December and was hit with a massive tax bill in January.
Speaker AYeah, it does have its plus points and it means that you're not going to be able to be last minute Sally and leave it until January and you're going to have to be more organized, which is a good thing because then you've got more time to plan and save pre tax bill.
Speaker ASo it just means we're going to have to all be super organized.
Speaker ABut like I said, you can do it yourself.
Speaker AYou can pay an accountant to do it however you are with numbers.
Speaker ABut yeah, cash has put the average of one dog groom a week is going to make my life so much easier.
Speaker APlus I will get a rough idea of how much tax I should be paying instead of everything last minute.
Speaker AExactly.
Speaker ALook at it at, you know, how many dog walks or how many training sessions or how many grooms do I have to do in a month to pay that fee so that I don't have to get involved.
Speaker AYou know, it's something that people hate.
Speaker AI get people hate numbers and there's always something that's on the, on the bottom of the to do list.
Speaker ABut your numbers.
Speaker AAnd if you've listened to the previous podcast about clients and boundaries and pricing your diary, you know Your deposit, stuff like that all comes back to your numbers.
Speaker ASo if you're looking at your numbers on a more regular basis and it's pushing you to look at your numbers on a quarterly basis, then that can only be a good thing because then you can make more sound decisions because you know your money's going on the up rather than down.
Speaker AAnd everything stems from your numbers, your price and everything.
Speaker ASo please stop asking on social media about price check for this or price check for that.
Speaker AUse your numbers and they will tell you how much to increase your prices by or what you should be charging to get your desired level of income every month or every year.
Speaker ASo this will be a good thing as far as that's concerned, but just a bit tricky to start with.
Speaker AAnd I'm sure it'll have glitches with HMRC because obviously the roll them out was something new and we'll just have to roll with it and see what happens.
Speaker ABut that's the benefit of having an accountant is that we can sort it out for you.
Speaker AAnd we know about the glitches probably before you guys do.
Speaker ASo the package, we would register you for MTD for free and then the submissions would be included in that package.
Speaker AWe don't do the package on Free Agent just because Xero is better, but you can get Free Agent from us at a discounted price than it is if you went to them direct.
Speaker ASo on the all in one package, we only use Xero because it's a better software and we can we give you reports every three months of how your business is doing.
Speaker AAnd they're much better and more in depth on Xero than they are on free agents.
Speaker AFree Agent is more of a DIY software and Xero is the accountants can work miracles on that software.
Speaker AAnd that's why we use it for the package.
Speaker ASo it wouldn't include the free agent subscription on the package because we don't use it.
Speaker AIf you want us to do hourly bookkeeping, we can do that on Free Agent.
Speaker ABut hourly bookkeeping does sometimes work out more expensive than going on the package.
Speaker ABut that is an option.
Speaker AIf you want wanted us to do it, but you wanted to stay on Free Agent, then we can just do the individual services instead.
Speaker AAny more questions?
Speaker AThis will be going live on the podcast on Monday for you to listen back.
Speaker AIt'll stay in the group probably for I think 30 days before Facebook kills it off.
Speaker AYou know, if you want to know about stuff like pricing and boundaries and finance and how to grow your business or how to make Your business more sustainable and you want to see my lovely face on a weekend, then make sure you grab your ticket to the Expo because we are vastly running out of tickets.
Speaker AIt's the 3rd of October in Birmingham.
Speaker AYou can watch it live online at home as well.
Speaker ASo don't worry if you live miles away from Birmingham, you want to be involved.
Speaker AYou can watch it live on the day from the comfort of your own home.
Speaker ABut there are a few tickets left, we are selling them out rapidly.
Speaker AAnd if you want to have a good day, making friends, learning about your business and please, please, please grab a ticket because all of this stuff is covered at the Expo.
Speaker AWe go through social media, pricing, confidence, boundaries, you know, strategies like the lot.
Speaker ASo make sure you grab a ticket, you can pay for it monthly.
Speaker AIt works out like 30 quid a month for six months.
Speaker AAnd we also have a Mastermind Day with the fabulous Dom Hodgson on the Sunday and we only have five tickets left for that.
Speaker ASo if you are thinking, even if you didn't want to come to the Expo on the Saturday, but you wanted to do the Mastermind Day on the Sunday, that's absolutely fine, you can come to either or you can do both.
Speaker ABut we only have five seats left for the bonus day on the Sunday with myself and Dom Hodgson.
Speaker ASo again, go and check out the Pet Pro Expo Facebook website, have a look, see who's there, what we're going to be covering and if you want to delve deeper into your business and I would grab a seat for that day with me and Dom because he charges a fortune normally for his Mastermind days and you are getting it at an absolute bargain of 150 quid for the day and we are going to be going into so much.
Speaker AIt's going to be a big day and you're going to learn a lot and come away with a lot.
Speaker ALike I said, he charges 10 times that for his masterminds.
Speaker ASo if you can grab a seat for that, because that is going to be brilliant.
Speaker AThe bonus secondary with Dom isn't going to be streamed live.
Speaker AThat is just an in person.
Speaker AThere's 30 seats.
Speaker ALike I say, 25 of them have gone, we've only got five left.
Speaker AAnd that's going to be more of an intimate.
Speaker AWe're going to have hot seats and all sorts going on that day.
Speaker ABut that isn't streamed live, that is separate.
Speaker ABut obviously the, the main day is going to be streamed if you wanted to watch it at home.
Speaker ASo make sure you check out the website.
Speaker AIt's a brand new website and the company that made that is going to have some offers for you guys if you need a website doing.
Speaker AAnd if you've listened to my previous podcast, you will know a website is very important.
Speaker APete's put you up.
Speaker ADon't I know it.
Speaker ABut Dom's worth every penny.
Speaker AYeah, there's people in his masterminds that listen to these and will vouch for him and 150quid is a ste.
Speaker AGet him in the room with me for the day on the Sunday.
Speaker ASo go and check that out.
Speaker APepperettesport.co.uk website Other than that guys, I will see you next Wednesday when we talk a bit more about pricing because I think that we should probably do like a pricing series because we could talk about it for ages but about how to go about those price increases with clients and what's the best way to do it because I see those questions all the time as well.
Speaker ASo keep listening.
Speaker AMake sure you subscribe to the podcast.
Speaker AIt is called the Pet Account Podcast and I hope you enjoyed that.
Speaker AWe'll be pinning this to the top of the group for those who want info on MTD and pointing in this direction.
Speaker AIf you need us, get in touch ASAP because the spaces are limited and hopefully I'll see a lot of you at the Expo for a fab weekend and we'll see you all soon.
Speaker ABye.
Speaker AThanks for listening to the podcast.
Speaker AI hope you found it helpful.
Speaker AMake sure you hit that subscribe button so you don't miss out on our weekly podcasts.
Speaker ABig thanks to Low Pay who are the best payment platform out there.
Speaker AMake sure you click that link.
Speaker ASee you next week.
Speaker ASam.