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Budget 2013 - Simpler income tax for the simplest businesses

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20 March 2013

With effect from the 2013/14 tax year, smaller sole traders and partnerships (generally those with turnover under the VAT registration threshold), will be able to prepare accounts on a cash basis, without having to adjust for debtors, creditors or stock and without distinguishing between capital and revenue expenditure.

In addition, HMRC will allow a flat rate basis to be adopted for certain expenditure, such as motoring expenses for cars, motorcycles and goods vehicles, business use of home as office and private use of business premises.

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