Jul 21, 2021
Reforms to the tax system
which will come into force by 2023, make it easier for small businesses to fill out their returns.
Businesses will be taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year.
It should help them spend less time filing their taxes, especially when a business starts and draws up its accounts to date different to the end of the tax year.
The declaration for self-employed income will be aligned with other forms of income, such as property and investment income.
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(at London United Kingdom - UK)