Simpler system for the self employed

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HMRC is reminding small self-employed businesses (sole traders and partnerships) about the new, simpler Income Tax rules which came into effect from 6 April 2013, reports Harris & Co accountants Northampton.

The rules allow "cash basis" accounting and "simplified (flat rate) expenses" for small self-employed businesses (sole traders and partnerships) that have an income of £79,000 or less a year (this is the threshold when you have to register for VAT).

You can start using cash basis from the 2013 to 2014 tax year.

Further details are available from the gov.uk website.

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