HMRC Proposes Abolition of Basis Periods for Unincorporated Businesses in 2022
Draft legislation will be included in Finance Bill 2022 to abolish basis periods for businesses that pay income tax on profits calculated on a current year basis. From 2022/23 those taxpayers will have to report to HMRC the income and expenses that arise precisely in the tax year – i.e. on an ‘tax year basis’. Losses will be those arising in the tax year. MTD forces change With ...
23 Jul 2021
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