Will the Government delay the new rules for the self-employed?

From 6th April 2023 the self-employed, and certain landlords, will need to start reporting their income to HMRC on a quarterly basis.  The Office for tax simplification is also looking to have all partnerships and sole traders change their accounting date to 31st March or 5th April if their current accounting date is different to this. These changes are going to place great pressure on the self-employed who, if not already, will need the correct tax compliant software to be able to manage this.  Of course, as we all know, failure to meet deadlines will only bring penalties.  On top of this the way penalties are charged is likely to change with HMRC proposing a points system, the more points the higher the penalty. Now is the time to review your accounting processes to make sure you will be able to file your quarterly returns accurately and timely.

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