HMRC is reforming the basis period rules for UK tax accounting, specifically expanding the cash basis option for smaller businesses and simplifying how tax years are calculated. The reform aims to reduce compliance burdens and align accounting periods with actual business cash flows. This is an active consultation and impact assessment process with equality screening completed.
In response to: Cash basis reform impact assessment
Screening Equality Impact Assessment for cash basis reform.
In response to: Basis Period Reform
Screening equality impact assessment for Basis Period Reform.
In response to: Expanding the cash basis
In response to: Expanding the cash basis
This tax information and impact note details legislation introduced to expand the income tax cash basis for the self-employed and partnerships, and to set the cash basis as the default method of calculating trading profits.
In response to: Basis period reform - consultation
We welcome your views on how to implement a simplification of the way trading profits of businesses are allocated to tax years under Income Tax Self Assessment.
In response to: Basis period reform
This Tax Information and Impact Note details legislation introduced to simplify the basis period rules for the self-employed and partners.
We welcome your views on how to implement a simplification of the way trading profits of businesses are allocated to tax years under Income Tax Self Assessment.
In response to: Income Tax: basis period reform
We welcome your views on how to implement a simplification of the way trading profits of businesses are allocated to tax years under Income Tax Self Assessment.
This measure intends to reform basis periods for Income Tax for the self-employed, it also launches a consultation on how to implement reform.
We're seeking views on how to reform Gaming Duty accounting periods and bring its administration more into line with that of other gambling duties.
We're seeking views on how to reform Gaming Duty accounting periods and bring its administration more into line with that of other gambling duties.
We're seeking views on how to reform Gaming Duty accounting periods and bring its administration more into line with that of other gambling duties.
This tax information and impact note details an increase in the cash basis entry threshold for calculating taxable profits.
This measure changes the cash basis threshold to a fixed amount of £150,000 and the exit threshold to twice the entry threshold.
Consultation on the extension of the averaging period for farmers’ profits to 5 years.
Consultation on the extension of the averaging period for farmers’ profits to 5 years.
Consultation on the extension of the averaging period for farmers’ profits to 5 years.