Sole traders and landlords with turnover above £10,000 will be impacted by big personal tax changes coming up soon

They will have to file 6 tax returns for 2024/2025, possibly before their tax return for 2023/2024 is completed. 

This tax year (2022/2023) and next tax year (2023/2024)

1 annual tax return

Online filings by 31 January 2024 (for 2022/2023) or 31 January 2025 (for 2023/2024)

It will be fine to keep paper records

Tax year starting April 2024:

6 tax returns (minimum) 

4 quarterly live submissions per business (3 during the tax year)

1 annual End of Period Statement per business

1 annual ‘Final Declaration’ submission per individual

Must keep records digitally

Filing with HMRC, via digitally compliant software