The cash basis scheme helps sole traders and other unincorporated businesses benefit from a simpler way of managing their financial affairs. The scheme is not open to limited companies and limited liability partnerships. The cash basis scheme allows qualifying businesses to use the cash basis when recording income and expenditure. However, this cash basis scheme is not appropriate for all small businesses.

There are a number of reasons why you might need to contact HMRC  about changes in your income. 
HMRC’s guidance states that this could happen because you:
•    did not realise you needed to tell HMRC about it;
•    were not sure how to declare it; or
•    did not declare it because you could not pay the tax.

There are a number of reasons why you might need to contact HMRC  about changes in your income. 
HMRC’s guidance states that this could happen because you:
•    did not realise you needed to tell HMRC about it;
•    were not sure how to declare it; or
•    did not declare it because you could not pay the tax.

A reminder that there are two separate annual £1,000 tax allowances for property and trading income. If you have both types of income highlighted below, then you can claim a £1,000 allowance for each.

The October Budget 2021 was a mixture of both positive and negative news for UK residents and businesses. We have highlighted key negative news for both.