Office of Tax Simplification Concludes On Tax Year End Date

Currently UK tax years start on 6 April annually, and run until 5 April the following year.  At first glance it seems illogical given that the dates are not even aligned with the end of a month, let alone the end of a calendar year.  For this reason, the Office of Tax Simplification (OTS) initiated […]

HMRC’s ‘Simplification’ For Self-Employed Accounts

HMRC has issued plans to alter how self-employed people manage and pay their tax costs, due to come into effect in 2023.  In essence the proposal replaces the ‘current year basis’ method for establishing taxable profits / allowable losses with a ‘tax year basis’ method instead.  This means that self-employed people will be required to […]

Banks To Share Your Financial Information With HMRC

The Office of Tax Simplification has published a report outlining how third party data, including information from your bank, could be shared with HMRC in order to assist tax payers with their annual self-assessment tax returns.  Information that could be shared includes: Bank and building society interest Other interest Pension contributions Dividends and other investment […]

Tax Year-End To Be Moved?

The UK’s tax year for individuals runs from 6 April to the following 5 April, and the government is now considering whether it would be sensible to move the date.  The Office of Tax Simplification (OTS) has been tasked with reviewing the pros and cons of changing the date to either 31 March or 31 […]