Business Income Tax: Simplifying tax for unincorporated businesses
A consultation covering reform of basis periods for the self-employed, extension of the cash basis and simpler reporting requirements.
Opened
15 Aug 2016
Closed
7 Nov 2016
▤ Verbatim text from source document
Background
At Budget 2015, the Government set out the vision for a transformed tax system and in December 2015 launched the Making Tax Digital Roadmap, outlining more detail about what the transformed tax system will look like by 2020.
Because of the scales of these changes there is a lot we need to ask people about. We have published 6 consultation documents, each focusing on specific customer groups or elements of the Making Tax Digital reforms.
Focus of this consultation
This consultation seeks views on:
- changing how the self-employed map accounting periods onto the tax year (basis period reform)
- extending cash basis accounting to larger businesses
- reducing business reporting requirements
- reducing the need to distinguish between capital and revenue for businesses using cash basis accounting