Surprise tax bills

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Half a million UK partners in face tax hike in 2022 City A.M. picks up on news first reported by the Financial Times that half a million self employed people may face higher tax bills than expected next year if a government proposal to change the date businesses report their profits is approved. The proposal is to change the 12-month period self employed people use to calculate their profits – to bring everyone in line with either March 31 or April 5, the end of the tax year – according to a draft legislation published in July. Experts say the move would generate billions of pounds for the Treasury years ahead of the existing schedule for payments.

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