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    Income tax - Trading income - Sole traders - Profits - Taxation of trading profits - General principles - 21100

    For each tax year, a basis period must be identified. Tax is charged on the profits of the basis period. The basis period will differ depending upon whether the business is: - a continuing business; -...

    Income tax - Trading income - Sole traders - Profits - Taxation of trading profits - The continuing business - Basis periods - 21105

    A continuing business is one which has been in existence for more than 3 tax years and which has not been the subject of a change of accounting date during the current tax year. For each such...

    Change your accounting date to save tax

    If you’re self-employed, whether you’re running a full-time business or just doing some freelance work on the side, now is the time to think about changing your accounting year. Why?

    A bit of an overlap

    There is often an argument for extending your current accounting period purely for tax reasons. If you are a sole trader or partner this can give you the opportunity to use a valuable tax relief. What...