fbpx

Consultation launched on self-employed basis period reform.

HMRC has recently reported a consultation on how basis periods can be reformed for income tax for the self-employed.

The consultation seeks to gather views on how best to implement a proposal to simplify the rules under which profits of an unincorporated trading business are allocated to tax years using basis periods. The consultation also includes suggestions regarding transitional rules for moving to the new system.

HMRC aims to simplify the system before Making Tax Digital (MTD) for income tax is implemented.

The proposals affect the self-employed and partnerships with trading income. It mainly affects unincorporated businesses that do not draw up annual accounts to 31 March or 5 April and those that are in the early years of trade.

HMRC stated that it would like to gather views on the matter from businesses, advisers, tax software providers and representative bodies.

Leave a Reply

Your email address will not be published. Required fields are marked *

Asmat Accountants

Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

CONTACT US


  • 84 High Street, Slough, Berkshire SL1 1EL, United Kingdom
    Get directions >>
  • 01753 424968 / 02035 988 621
  • 01753 437109
  • info@asmataccountants.co.uk

Reading Office

  • 365-367 Oxford Road, Reading, RG30 1HA
    Get directions >>
  • 0118 950 9841
  • reading@asmataccountants.co.uk



× Chat with your accountant now!