The Chancellor of the Exchequer announced in the UK 2012 Budget that the Government is exploring long-term reforms to simplify personal taxes. As part of these reforms from April 2013 the Government will introduce a new cash basis for calculating tax for small unincorporated businesses. The Government will consult shortly after Budget on the details of the scheme including on extending eligibility to businesses with turnover up to the VAT registration threshold of £77,000. This will benefit up to three million small businesses, reducing the time it takes in business administration and compliance.
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