Making Tax Digital – should your business change its year-end now?
Making Tax Digital for Income Tax (MTD ITSA) is due to start on 6 April 2024 with the first year being 2024/25. In preparation, the rules that determine which profits of a non-company business are charged to tax for a particular tax year are also being reformed.
Which businesses will be affected?
It is important to note that not all unincorporated businesses will be affected. Basis period reform…
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