Tax reporting rules simplified

27th July 2021

The Government has announced changes to the tax system that will make it easier for small businesses to complete their returns. The changes, which will come into force by 2023, mean businesses will be taxed on profits arising in a tax year, rather than profits of accounts ending in the tax year. The changes should result in small businesses and the self-employed spending less time filing their returns and align the way self-employed profits are taxed with other forms of income, such as property and investment income.