Simplified accounting for sole traders and partnerships

From April 2013, the Government is proposing to introduce simplified accounting and expenses options for small, non-incorporated businesses. If you fall into this category, read on to find out what the changes mean to you and how you can have your say on the proposals. Following announcements on tax simplification made in March’s Budget, the Government is consulting on the introduction of a ‘cash basis’ for tax calculations and simplified expenses for self-employed sole traders and partnerships. This means that these businesses would only be eligible to pay tax on cash profits rather than full accounts. Whereas, currently, small businesses

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