The way that you report your business profits to HMRC will soon be changing as HMRC seeks to remove
the obligation to file an annual tax return.
1.From April 2017 the cash reporting rules change for the self employed and for property landlords.
2.From April 2018 the self assessment tax return is being replaced by 5 new reporting obligations made during and after the tax year.
3.Your first tax return under the new system is due by July 2018: you will then have to file with HMRC every three months.
4.If you are not already using software for your record keeping/ accounting, you will need to learn how to use a spreadsheet, or some type of accounting software or App. This is an improvement as initially HMRC were not
5.You will need a reliable internet connection and a facility , such as a computer or cloud based memory (e.g. Dropbox, Googledrive) to store your electronic data.