Making Tax Digital
From 6th April 2026 a new way of managing your tax records is coming into play. Instead of filling out one big Self Assessment tax return each year, you'll use compatible software to keep digital records and send quarterly updates to HMRC each year. This is being phased in, but for anyone with a turnover above £50,000 this starts in 2026 with statements due every 3 months. Talk to your accountant now if your turnover is over £50,000 (remember this means all income, not just that from floristry!).
Find out more here: Simply Business Making Tax Digital