Speaker A

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 A

This podcast is sponsored by Low Pay, the low rate payment platform that gives you more let's get cracking.

Speaker A

Hello, hello, welcome everybody to this week's Live.

Speaker A

We are going to be talking about MTD make and Tax Digital or making tax difficult, whichever way you want to look at it.

Speaker A

So if you do have a pet business, regardless of your turnover, please keep listening because it is really important.

Speaker A

For those of you who don't know me, my name is Vicky from the Pet Accountant.

Speaker A

We 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 A

So 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 A

So 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 A

I should listen to Vikki back in March so that I've done my admin.

Speaker A

That is what we're gonna do today, peeps.

Speaker A

No 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 A

But 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 A

So that's what we're going to do next week.

Speaker A

But 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 A

So going to give credit to her.

Speaker A

So.

Speaker A

Right, let us get cracking.

Speaker A

There's a few dates, a few things that you need to be aware of.

Speaker A

So 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 A

But making Tax Digital, give us a thumbs up or put yes or just type in mtd.

Speaker A

If you actually Know what it is and what it consists of and what it is that you're going to need to do.

Speaker A

It'd be interesting to know, if there's a lot of you listening, who actually understands MTD and what it involves.

Speaker A

So if you could do me a massive favor and put MTD in the comments, if you do know, that'd be fab.

Speaker A

If no one puts MTD in the comments, I will assume no one has a bloody clue what I'm talking about.

Speaker A

Which is even better because then this podcast will be an enlightenment because none of you know what it is.

Speaker A

Which is fine, because you know it's only just starting to go on the radio, on Facebook and tik tok and stuff.

Speaker A

It's only just started to get out there, which I think is a bit bizarre considering it starts next month.

Speaker A

But hey ho, that's HMRC for you.

Speaker A

So, yeah, someone's put mtd.

Speaker A

Yeah, making Tax difficult from Tegan.

Speaker A

Right, so making Tax Digital, you might see abbreviated as mtdit MTD for it.

Speaker A

There'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 A

Now, you will have got a letter in the post if your turnover was 50 grand or more in the 2425 tax year.

Speaker A

So 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 A

So let's just cover that to start with before we go into the intricacies of what it is.

Speaker A

So 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 A

So we're going to cover what it is, who it applies to and what you actually have to do.

Speaker A

Okay?

Speaker A

And 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 A

So MTD is hmrc, basically moving the tax system online.

Speaker A

So 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 A

And you're now going to have to keep digital records by using approved software and Send updates to HMRC during the year.

Speaker A

So 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 A

Who's snoring?

Speaker A

Hey, Diane.

Speaker A

Can't say he's snoring.

Speaker A

It's important, it's important.

Speaker A

I know it probably is boring.

Speaker A

Oh, who's snoring?

Speaker A

I thought you meant everyone was switching off.

Speaker A

It's the bloody French who next to me.

Speaker A

She's had enough of listening to me talk about mtd.

Speaker A

I thought you meant it's everyone's snoring.

Speaker A

I was like, no.

Speaker A

I mean, maybe people are.

Speaker A

Who knows?

Speaker A

But no, that is Fifi, the Frenchie who's snoring in the background.

Speaker A

She is bored of MTD already.

Speaker A

So 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 A

So for accountants perspective, please feel sorry for us because it is going to be a logistical nightmare.

Speaker A

And like I said, there's not loads of information forthcoming even now.

Speaker A

So I was checking the dogs.

Speaker A

So.

Speaker A

Right.

Speaker A

Key dates, these are the things you're going to need to write down.

Speaker A

So.

Speaker A

So you don't forget.

Speaker A

Okay.

Speaker A

Because this is what gets a bit confusing.

Speaker A

So MTD is going to be rolled out in stages based on your income.

Speaker A

So that's turnover, not profit.

Speaker A

Everything that you make, that is what it's based on.

Speaker A

So 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 A

But 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 A

So 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 A

So still listen.

Speaker A

But this is for sole traders and landlords or landladies.

Speaker A

So 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 A

So 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 A

So it's a combination of both.

Speaker A

If they're both over 50k, then again you're going to have to do it.

Speaker A

So business, whether you're dog or dog, border, whatever and property income combined is 50k over.

Speaker A

You need to register for NTD from next week, so make sure you do that then from April 2027.

Speaker A

So 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 A

And then the plan is from April 2028 if your income is over £20,000.

Speaker A

So basically everyone from 2028 if your income is 20k over, is going to have to go on MTD software and register for MTD.

Speaker A

Although the 2028 one is a planned, it hasn't been confirmed.

Speaker A

My 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 A

So 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 A

So 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 A

But Please remember the 50k is business and property, okay?

Speaker A

It doesn't involve any paye or dividends or anything like that.

Speaker A

It is just turnover your income, okay, 50k or more.

Speaker A

Even 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 A

Especially if you're going to do it yourself.

Speaker A

Right guys, I'm just going to interrupt the podcast for a quick second.

Speaker A

As 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 A

So make sure you guys click the link in the bio and save those pennies.

Speaker A

Let's get back to the podcast.

Speaker A

Yeah, 50k in the tax here.

Speaker A

So just to answer the question, is that 50k in the tax year 24, 25?

Speaker A

Yes.

Speaker A

Obviously 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 A

So they can't expect you to register because you might not give us a tax return until like October.

Speaker A

So 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 A

So only 50k on the 24, 25 tax year, you will have to register for MTD.

Speaker A

Okay, 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 A

So 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 A

Second jobs, again, if a paye.

Speaker A

No, if you're sold, if you've got like four sole trader jobs, do various different things.

Speaker A

And yes, it's combined income but not PAYE jobs.

Speaker A

But 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 A

Or put 20, 27.

Speaker A

If it's going to be you for next year, we'll see how many we get.

Speaker A

So what you actually have to do, and this is, this is where we name it making tax difficult.

Speaker A

Um, you know, it's one of those where I don't necessarily agree with it.

Speaker A

I can see why they're doing it.

Speaker A

I 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 A

So get yourself some scissors and some clippers and whatever else and do your own dog.

Speaker A

Could you imagine what the dogs would look like?

Speaker A

Because 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 A

And 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 A

So hey ho, I'm next year.

Speaker A

I've already made everything up to QuickBooks.

Speaker A

Oh, 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 A

See if you get on well with it, it's personal preference.

Speaker A

But if you haven't started yet, I'd have a look at free agent because I don't, I hate QuickBooks.

Speaker A

But again, it's just personal preference.

Speaker A

So three main things that we have to do.

Speaker A

First one, like I said before, is keep digital records.

Speaker A

So all income and expenses have to be recorded digitally.

Speaker A

If 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 A

So no more paper notes, end of year catch ups, anything like that.

Speaker A

Everything has to be digitally recorded.

Speaker A

So that's sort of change number one, the next one, which is the biggie.

Speaker A

Submit quarterly updates.

Speaker A

Now this is where it gets tricky.

Speaker A

Becky's put I really like it with a little.

Speaker A

Yeah, make personal preference, Becky.

Speaker A

I just absolutely detest it.

Speaker A

Submit quarterly updates.

Speaker A

So 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 A

You'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 A

Now, 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 A

And in this case, points do not mean prizes, points mean big fat fines from the lovely hmrc.

Speaker A

So you will have deadlines to submit those quarterly updates, which is joyous.

Speaker A

However, there is a good thing to it.

Speaker A

If you make a mistake, it's not done and done.

Speaker A

Like 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 A

You 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 A

It will raise a red flag with HMRC and they're more likely to come knocking and seeing what you're doing.

Speaker A

So the less mistakes you make, the better.

Speaker A

But 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 A

The quarterly updates aren't sent separately.

Speaker A

So 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 A

So all links, they're not done separately, but you have to do those every three months within a set time period.

Speaker A

If not, you'll get a point from HMRC and points mean fines.

Speaker A

So we need to erase doing that and then it gets better.

Speaker A

At the end of that period you will have an end of period statement to complete and also your final declaration.

Speaker A

Now these two are done at the same time and these replace your conventional tax return that you currently do at the minute.

Speaker A

So it'll be an end of period statement and a final declaration.

Speaker A

And 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 A

So 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 A

So there's essentially sort of five things that you need to do.

Speaker A

But, 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 A

But that has to be done through the software.

Speaker A

So 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 A

But obviously you guys aren't going to pay for that because it's a bloody fortune for doing one tax return.

Speaker A

But that's the benefit of getting an accountant because we have these other things that we can do to make your life easier.

Speaker A

So 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 A

So more frequent, you're going to have to be more organized to get these done so that you don't collect penalty points.

Speaker A

With HMRC that will equal fines.

Speaker A

No digital records mean.

Speaker A

So you have to go on accountancy software.

Speaker A

So Free agent Xerox.

Speaker A

Oh there's loads of account software.

Speaker A

We recommend free agent Xero.

Speaker A

You can get free agent free with a metal or Natwest bank.

Speaker A

Xero is a bit more complex but it does a lot more.

Speaker A

And free agent is aimed at business users doing their own accounts and their own bookkeeping.

Speaker A

So 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 A

You connect your bank and then you do everything on the software.

Speaker A

I haven't started my business yet.

Speaker A

Plan to be self employed.

Speaker A

How much?

Speaker A

Well that's a million dollar question.

Speaker A

Sounds like a blast.

Speaker A

Yeah, I can't wait.

Speaker A

I'm actually going to retire on the 5th of April.

Speaker A

A joke.

Speaker A

Don't, don't go spreading that.

Speaker A

I'm not, I'm just joking but I want to um.

Speaker A

It's not, it's.

Speaker A

Yeah, 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 A

And all accountants will be in the same, in the same place.

Speaker A

With 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 A

Whether that's for self assessment, limit companies bookkeeping, payroll.

Speaker A

There'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 A

Now our submissions are £15 plus fat a month which I think works out around about £180 a year.

Speaker A

So you can see already there's a massive difference between us at £180.

Speaker A

And 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 A

The 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 A

So 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 A

But as a price it's like a million dollar question.

Speaker A

Because everyone's situation is different as well and everyone's going to be different.

Speaker A

So we don't know.

Speaker A

But 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 A

So you can just give Tegan a buzz if you want to inquire about that.

Speaker A

But 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 A

Because that is a bit ridiculous.

Speaker A

But there you go.

Speaker A

Some larger firms may need to charge more.

Speaker A

I don't know.

Speaker A

Right.

Speaker A

Oh my pets.

Speaker A

Concierge.

Speaker A

I invested in the all in one package.

Speaker A

Yep.

Speaker A

Again, we do do the all in one package and the price is based on turnover.

Speaker A

So 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 A

Can you use the digital software from your online business banking app?

Speaker A

So 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 A

They're not as like obviously in depth as the accounting software.

Speaker A

It's not going to, you know, help you grow your business or look at your figures.

Speaker A

It'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 A

But when you're looking at software, just make sure that it's MTD compliant so that you don't waste your money.

Speaker A

Also, Vicky and team understand our industry.

Speaker A

Really important not sponsored fact.

Speaker A

Thank you.

Speaker A

We don't pay anyone for these reviews, but yes.

Speaker A

So make sure you get the right software.

Speaker A

So just to recap, it has to be digital I. E. Accountancy software, free agent, Xero, QuickBooks, decks, whatever you want to choose.

Speaker A

We prefer Xero and Free Agent and that's all that we will recommend quarterly updates every three months.

Speaker A

You 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 A

You 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 A

Hopefully people are following that because I know it's a lot of.

Speaker A

Just Melissa MTD starts being occurred.

Speaker A

So you'll only go on this April if you hit 50k in the 24, 25 tax year.

Speaker A

If you hit it in the 2526 or you're over 30 grand in the 2526 then you will go on MTD next year.

Speaker A

So only if you hit the 24, 25, 50k in that tax year will you need to do it this April.

Speaker A

Yes, 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 A

We don't like to overload them.

Speaker A

So 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 A

But we'll update you.

Speaker A

But yes, at the moment I know we are.

Speaker A

So just give Tegan a buzz Kayleigh and there she'll book you in.

Speaker A

Or 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 A

Yeah, Kyra is going on the all in one package.

Speaker A

I 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 A

It is not as expensive as you might think or some, some companies might be.

Speaker A

But we're not.

Speaker A

It'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 A

So we don't want stressed.

Speaker A

I think I need to change my mind and do the full package.

Speaker A

Probably the full package for anyone that doesn't know.

Speaker A

Basically we do everything.

Speaker A

So it includes Self assessment, your software, which is in zero, you get Hub Doc, you get unlimited bookkeeping, your NTD submissions, the lot.

Speaker A

It basically does what it says on the tin and we do everything.

Speaker A

And your only job would be to scan the receipts using the app and then that's it and we will cover the rest.

Speaker A

But 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 A

So you've got to keep your book, your bookkeeping up to date regularly, okay?

Speaker A

This is what is going to change day to day.

Speaker A

Rather 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 A

You need to use the accounting software, okay?

Speaker A

There might be other things that come out over the next 12, 24 months that make it easier.

Speaker A

It's stuff that we're already looking into.

Speaker A

But for now we're just keeping it simple and beyond software.

Speaker A

But next year it's not to say that something else might come out that make it easier for you guys.

Speaker A

So just keep your eyes peeled and then just be aware of the deadlines throughout the year.

Speaker A

Because you don't want to get points.

Speaker A

Yes, because there's points based penalty system for late submissions.

Speaker A

So the more points you collect, the bigger your fines will be.

Speaker A

So 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 A

How do I use the software?

Speaker A

Are there any accountants out there that have space?

Speaker A

Because I know they'll all fill up because everyone doesn't want to do it.

Speaker A

And there'll be a lot of accountants that have retired because they don't want to do it either.

Speaker A

So you might struggle to find a good accountant because they'll get snapped up straight away.

Speaker A

Yeah, points mean paying.

Speaker A

Yeah, points mean paying, not prizes.

Speaker A

That should be their tagline.

Speaker A

Making tax difficult.

Speaker A

Points mean pain.

Speaker A

That's what we'll do.

Speaker A

It's a pet accounter should be right.

Speaker A

Don't panic, okay?

Speaker A

That's what I want to say.

Speaker A

Just don't panic because there are solutions out there, okay?

Speaker A

And 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 A

So my Advice would be, if you do it next month and you haven't sorted out, get in touch, let us help you.

Speaker A

Let's get it sorted.

Speaker A

If you're next year, think about what software you want to be on and then just trial it for this year.

Speaker A

Play around with it.

Speaker A

We do have a tutorial guide for free agent on the website that you can buy from the website for 40 quid.

Speaker A

You have it for life.

Speaker A

And it's basically loads of videos that me, Lee and Abby did on how to do certain things on freeagent.

Speaker A

So 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 A

So 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 A

And 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 A

And I think that is it.

Speaker A

Of all the stuff you need to know, Emma's put how much is the full package?

Speaker A

We 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 A

So 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 A

But 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 A

So, 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 A

So 50k combined income of sole trader, business and properties.

Speaker A

2027 Will be 30k or more, again, including sole traders and properties, and then 2028, 20k or more.

Speaker A

Partnerships and limited companies, we do not have a date for as of yet.

Speaker A

So if you're either of those, you can sit back and relax.

Speaker A

Carry 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 A

Four quarterly submissions and then a final declaration and statement which replaces the traditional tax return.

Speaker A

If you don't submit it on time, you'll get points and it has to be done every three months.

Speaker A

It doesn't mean you have to pay the tax every three months.

Speaker A

That is still the normal deadline of 31 January.

Speaker A

Although 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 A

But that hasn't come out yet, so don't panic.

Speaker A

But I have a feeling that's where they're going with it.

Speaker A

So just keep your eyes peeled for that.

Speaker A

But like I say, the 31st of January deadline is still the same.

Speaker A

It's just those four quarterly submissions that have to be done throughout the year.

Speaker A

So you have to keep on top of.

Speaker A

Free agent is probably in my opinion the best out there if you're going to do your own bookkeeping.

Speaker A

And again we have a guide on the website that you can purchase that will explain how to do certain things.

Speaker A

It's not technical, it is literally just click here, click there, click there if that's what you want to do.

Speaker A

I 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 A

Yeah, 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 A

So it just means we're going to have to all be super organized.

Speaker A

But like I said, you can do it yourself.

Speaker A

You can pay an accountant to do it however you are with numbers.

Speaker A

But yeah, cash has put the average of one dog groom a week is going to make my life so much easier.

Speaker A

Plus I will get a rough idea of how much tax I should be paying instead of everything last minute.

Speaker A

Exactly.

Speaker A

Look 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 A

You know, it's something that people hate.

Speaker A

I get people hate numbers and there's always something that's on the, on the bottom of the to do list.

Speaker A

But your numbers.

Speaker A

And 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 A

So 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 A

And everything stems from your numbers, your price and everything.

Speaker A

So please stop asking on social media about price check for this or price check for that.

Speaker A

Use 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 A

So this will be a good thing as far as that's concerned, but just a bit tricky to start with.

Speaker A

And 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 A

But that's the benefit of having an accountant is that we can sort it out for you.

Speaker A

And we know about the glitches probably before you guys do.

Speaker A

So the package, we would register you for MTD for free and then the submissions would be included in that package.

Speaker A

We 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 A

So 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 A

And they're much better and more in depth on Xero than they are on free agents.

Speaker A

Free Agent is more of a DIY software and Xero is the accountants can work miracles on that software.

Speaker A

And that's why we use it for the package.

Speaker A

So it wouldn't include the free agent subscription on the package because we don't use it.

Speaker A

If you want us to do hourly bookkeeping, we can do that on Free Agent.

Speaker A

But hourly bookkeeping does sometimes work out more expensive than going on the package.

Speaker A

But that is an option.

Speaker A

If 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 A

Any more questions?

Speaker A

This will be going live on the podcast on Monday for you to listen back.

Speaker A

It'll stay in the group probably for I think 30 days before Facebook kills it off.

Speaker A

You 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 A

It's the 3rd of October in Birmingham.

Speaker A

You can watch it live online at home as well.

Speaker A

So don't worry if you live miles away from Birmingham, you want to be involved.

Speaker A

You can watch it live on the day from the comfort of your own home.

Speaker A

But there are a few tickets left, we are selling them out rapidly.

Speaker A

And 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 A

We go through social media, pricing, confidence, boundaries, you know, strategies like the lot.

Speaker A

So make sure you grab a ticket, you can pay for it monthly.

Speaker A

It works out like 30 quid a month for six months.

Speaker A

And we also have a Mastermind Day with the fabulous Dom Hodgson on the Sunday and we only have five tickets left for that.

Speaker A

So 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 A

But we only have five seats left for the bonus day on the Sunday with myself and Dom Hodgson.

Speaker A

So 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 A

It's going to be a big day and you're going to learn a lot and come away with a lot.

Speaker A

Like I said, he charges 10 times that for his masterminds.

Speaker A

So if you can grab a seat for that, because that is going to be brilliant.

Speaker A

The bonus secondary with Dom isn't going to be streamed live.

Speaker A

That is just an in person.

Speaker A

There's 30 seats.

Speaker A

Like I say, 25 of them have gone, we've only got five left.

Speaker A

And that's going to be more of an intimate.

Speaker A

We're going to have hot seats and all sorts going on that day.

Speaker A

But that isn't streamed live, that is separate.

Speaker A

But obviously the, the main day is going to be streamed if you wanted to watch it at home.

Speaker A

So make sure you check out the website.

Speaker A

It'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 A

And if you've listened to my previous podcast, you will know a website is very important.

Speaker A

Pete's put you up.

Speaker A

Don't I know it.

Speaker A

But Dom's worth every penny.

Speaker A

Yeah, there's people in his masterminds that listen to these and will vouch for him and 150quid is a ste.

Speaker A

Get him in the room with me for the day on the Sunday.

Speaker A

So go and check that out.

Speaker A

Pepperettesport.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 A

So keep listening.

Speaker A

Make sure you subscribe to the podcast.

Speaker A

It is called the Pet Account Podcast and I hope you enjoyed that.

Speaker A

We'll be pinning this to the top of the group for those who want info on MTD and pointing in this direction.

Speaker A

If 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 A

Bye.

Speaker A

Thanks for listening to the podcast.

Speaker A

I hope you found it helpful.

Speaker A

Make sure you hit that subscribe button so you don't miss out on our weekly podcasts.

Speaker A

Big thanks to Low Pay who are the best payment platform out there.

Speaker A

Make sure you click that link.

Speaker A

See you next week.

Speaker A

Sam.