Currently, only annual figures are required to HMRC – but a new quarterly step will be added as well.
That means there will be 4 mini-returns sent through the year, with details of your income and expenses for each quarter. There’s then a ‘End of Period Statement’ (EOPS) for each source of income. For example, if you have employment and self-employment, you’ll have two of these to complete.
The good news is that our systems are ready to react to these new changes. There’s three simple steps you need to follow to remain compliant (and avoid penalties!)