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Simpler income tax for small businesses: HMRC guide

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HMRC has published a brief guide to proposals for a voluntary cash basis, and simplified arrangements for some expenses, for small businesses run by self-employed individuals and partnerships.

In March, HMRC invited comments by 22 June on the proposals, which are based on the Office of Tax Simplification’s review of small business tax. The government intends to publish draft legislation in the autumn for inclusion in next year’s Finance Bill.