By Mel Hackney

If you have your own business and are self-employed rather than operating through a company, you may find a substantial change in the coming years. This is because the timing of when profit is recognised on your tax return is changing.

The new rules start from 2024/25, but we are already in the ‘transitional year’ to start making changes, so you may need to think about this soon. We are already in discussions with our clients affected by this and preparing projections for tax increases where applicable, plus putting measures in place from 2023/24.

It’s a really important time to be proactive, so if you have a business year end other than 31 March (where the new rules will not impact you) then get in touch with us for more information. It may help you avoid an unexpectedly high tax bill soon.