Unincorporated business - Fixed Periods Consultation Ends
A government consultation on whether unincorporated businesses (which includes partnerships, self-employed people, trusts and estates with trading income) would be required to fix the end date of the 12 months from which they calculate profits to either 31 March or 5 April closed at the end of last month.
Should the proposals be implemented, businesses that are unincorporated are warned that they may need to pay additional tax in 2022, helping to generate more than £1bn for the Treasury.
Billed as a simplification of the system, the proposal is part of the continued roll out of the Making Tax Digital programme, the next phase of which is that those that are self-employed and any business partnerships with annual income above £10,000 will have to file electronic returns.
Posted on 16 September, 2021 by Ortolan