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Easier tax reporting for self-employed and small businesses is coming

Published: 02/08/2021 By Hannah McCormack

HMRC has announced that there will be changes to the tax system to simplify reporting by 2023. Going forward small businesses and the self-employed will be taxed on profits arising in a tax year rather than from those ending in the tax year.  

The Financial Secretary to the Treasury said the following “These complex rules lead to thousands of errors and mistakes in self-employed tax returns every year. Simplifying them will allow self-employed people to spend less time doing tax admin and more time growing their business and creating jobs.”

The current rules of when tax amounts are due can be confusing and unfortunately leads to many errors and mistakes on tax returns, apparently many do not then claim the relief they are entitled to or even pay double tax.  The idea of the new system is to make it easier and hopefully prevent future errors.
 
For further information please read here 

As qualified chartered accountants you will never pay more tax than you owe so why not give us a call to help you through any confusion – call 0208 6617878 or email bsg@turpinba.co.uk