Three million businesses with a turnover below £77,000 stand to benefit from a voluntary cash basis for income tax and simplified arrangements for certain expenses, HMRC said in a consultation paper, Simpler Income Tax for the Simplest Small Businesses.
Comments are invited by 22 June and draft legislation is expected to be published in Autumn 2012 for introduction in Finance Bill 2013.
Three million businesses with a turnover below £77,000 stand to benefit from a voluntary cash basis for income tax and simplified arrangements for certain expenses, HMRC said in a consultation paper, Simpler Income Tax for the Simplest Small Businesses.
Comments are invited by 22 June and draft legislation is expected to be published in Autumn 2012 for introduction in Finance Bill 2013.
