Get you up to speed: How a Song Could Support 800,000 Impacted by Tax Changes | News UK
From April 6, HMRC requires around 800,000 sole traders to submit quarterly self-assessment tax returns instead of the traditional annual filing.
Rhodri Marsden’s song “Four Times A Year” aims to raise awareness of HMRC’s new quarterly self-assessment tax filing requirements for 800,000 sole traders starting April 6.
From 6th April, around 800,000 sole traders will need to submit quarterly self-assessment tax returns to HMRC under the new Making Tax Digital regulations.
What we know so far
From April 6, self-assessment tax returns in the UK will transition from an annual to a quarterly system, impacting around 800,000 sole traders and self-employed workers. This significant change comes as part of the government’s move towards digital taxation.
To aid understanding of these new regulations, a pop song titled Four Times A Year has been released by Rhodri Marsden, known for his work with Scritti Politti. The initiative, backed by ANNA Money, aims to simplify the complex changes associated with Making Tax Digital for income self-assessment and reach those who may find official communications daunting.
Under the new rules, sole traders earning over £50,000 annually must update HM Revenue and Customs (HMRC) four times each year rather than submitting a single annual return. ANNA Money’s Head Of Brand Voice, Greg Stekelman, expressed hope that engaging music could more effectively resonate with business owners who might typically overlook standard informational resources.
Co-founder Boris Diakonov emphasized the importance of raising awareness about Making Tax Digital, stating, “The pop song is fun, but there’s a serious message behind it.” The aim is to ensure that these crucial tax changes reach their intended audience through an innovative and entertaining medium.
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How a song could help 800,000 affected by tax changes | News UK
We’ve all been there, haven’t we?
We’re living our lives, having a great time and then oops – the Self Assessment deadline creeps up, again.
There’s also some new changes on the horizon for those who do their own taxes.
From April 6, self-assessment tax returns won’t be made annually anymore. Instead, around 800,000 sole traders or self employed workers will need to fill them out quarterly instead.
In addition to that, there’s been a big move towards digital self-assessment too.
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But to avoid having to read pages and pages of notes about it, a new song has been released to help people understand the changes better.
Four Times A Year, the 80s banger of a pop song explaining HMRC’s new rules, has been released.
It’s written by Rhodri Marsden (Scritti Politti, Cardiacs) for ANNA Money.
ANNA’s Head Of Brand Voice, Greg Stekelman, said: ‘We realised that lots of people still didn’t know about MTD, and that it feels confusing and impenetrable for many.
So why not bypass the boring thinkpieces and do a pop song that’ll actually be heard by the people affected by MTD – builders in white vans, online sellers glued to their phones, graphic designers in tiny beanies.
‘For too long songs have been written about love, heartbreak, and going out partying on a Saturday night. Not enough songs have been written about the challenges facing small business owners who now have to file their taxes quarterly. The British pop music establishment has let us all down.’
The song was written by Marsden, who has a history of producing songs with a unique perspective (he made a hit disco album about Brexit in 2019) and has played in bands including Scritti Politti and The Cardiacs.
It’s performed by West End star Olivia Saunders (who, until recently, was protraying Andy in The Devil Wears Prada musical).
The lyrics explain that the tax rules are changing with the introduction of making tax digital for income self assessment.
This means sole traders earning over £50,000 per annum will have to update HMRC four times a year, rather than filing the traditional annual tax return.
‘Every year there’s heated debate about what’s going to be the Christmas number one, but there’s very little talk about what’s going to be number one for the new tax year on 6th April,’ says Stekelman. ‘We want to change that. Let’s get Four Times a Year to number one for the new tax year.’
ANNA Money co-founder and co-CEO Boris Diakonov added: ‘The pop song is fun, but there’s a serious message behind it. Making Tax Digital awareness isn’t as high as it could be, and we want to get to the ears of the business owners who might not be reached by traditional means.’
Great article! This really puts things into perspective. I appreciate the thorough research and balanced viewpoint.
Interesting read, though I think there are some points that could have been explored further. Would love to see a follow-up on this topic.
Thanks for sharing this! I had no idea about some of these details. Definitely bookmarking this for future reference.
Well written and informative. The examples provided really help illustrate the main points effectively.
This is exactly what I was looking for! Clear, concise, and very helpful. Keep up the excellent work!