Guidance on Self-Employment Income Support Scheme (SEISS)
Information on SEISS, the government's key support scheme for the self employed during the COVID-19 pandemic, including details of the application process.
Self-employed taxation
Expert commentary and practical guidance from ICAEW related to the taxation of those that are self-employed within the UK business tax regime, including cash basis.
Need to know
In this section
Practical guidance
ICAEW's Tax Faculty produces TAXguides to provide practical support on technical areas of tax.
TAXguide 06/13 (TECH 13/13 TAX)
National Insurance contributions: Agreed note of cross-border and home national insurance contribution issues raised in 2012 and 2013 with HM Revenue & Customs by the Tax Faculty of the Institute of Chartered Accountants in England & Wales, with HMRC’s responses published in October 2013.
Features and articles
Autumn Statement 2023 – a seismic opportunity in the small print
The 2023 Autumn Statement is by now receding into memory. One relatively quiet announcement which, to date, has received relatively little attention may have enormous consequences (and opportunities) for large parts of the farming sector.
Construction industry scheme continues to grow
HMRC data suggests there has been a significant increase in construction industry scheme receipts. Howard Royse looks at the reasons why and considers the future of the scheme.
Government cuts NIC rates again for employees and self-employed at Spring Budget 2024
From 6 April 2024, the headline rate of NIC will fall from 10% to 8% for employees, and from 9% to 6% for the self-employed. The government will also consult on how it will abolish Class 2 NIC.
Changes to the cash basis for traders
Richard Jones considers the changes provided for by Finance Bill 2023-24 to the cash basis for trades subject to income tax.
CIS gross payment compliance tests to be strengthened
The Chancellor has confirmed that VAT compliance will be considered for obtaining and retaining gross payment status. Cancellation of gross payment status on grounds of fraud will also be expanded.
Expansion of cash basis for unincorporated businesses
The government has published the summary of responses to a consultation on the cash basis alongside the Autumn Statement. This announces relaxations that will allow more businesses to use this basis of taxation from 6 April 2024.
NIC rate cuts for self-employed and employees
National insurance contributions (NIC) will be reduced to 8% for the self-employed and to 10% for employees, and the flat rate class 2 NIC will be abolished for most self-employed, the chancellor has announced.
IPSAS vs IFRS - what is the most suitable accounting framework for the public sector?
The adoption of accrual accounting by governments is gathering momentum. If a government were to adopt accrual accounting now, is the adoption of IPSAS the most sensible option?
Webinars and recordings
Expanding the cash basis
Presentation slides to accompany the Tax Faculty webinar 'Expanding the cash basis', broadcast 18 April 2024.
Expanding the cash basis
This webinar from the Tax Faculty will run through the basics of the cash basis and what is changing from 6 April 2024
TAXbite: MTD - cash accounting scheme
An overview of the cash accounting scheme for VAT and how it interacts with MTD
TAXbite: Cash Basis
An introduction to the cash basis, what it is, who might use it and why.
Bloomsbury Accounting and Tax Service
Eligible firms have free access to Bloomsbury Professional's comprehensive online library, comprising around 80 titles from some of the country's leading tax and accounting subject matter experts. Find out who is eligible and how you can access the Accounting and Tax Service.
Business profits
Tax rates and tables for business profits, updated to reflect measures announced in the Spring Budget on 6 March 2024 and changes proposed in the Spring Finance Bill 2024. The chapter includes sections on MTD, cash basis, fixed rate deductions, averaging profits for farmers and artists, car hire costs, residential property lettings, time limits for claims and elections, lease premiums and SEISS.
Self-employment
A full chapter providing a practical overview of the taxation of self-employment income in the UK, including the temporary Covid-19 Self-employment Income Support Scheme (SEISS).
Cash basis for unincorporated businesses
A full chapter covering the cash basis system of accounting, including eligibility, rules for specific trades and professions and the way cash basis works.
Property rental businesses
A full chapter covering the tax principles and framework for deductions by unincorporated property businesses.
Self-employment
A chapter on the UK tax treatment of self-employment, containing worked examples throughout.
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Representations
ICAEW REP 065-23 Construction industry scheme reform
A representation dated 10 July 2023 to a consultation published by HMRC on 27 April 2023.
ICAEW REP 050-23 Expanding the cash basis
A representation dated 30 May 2023 to a consultation published by HMRC on 15 March 2023.
ICAEW REP 029-22 Call for evidence income tax self assessment registration for the self employed and landlords
ICAEW’s response to HMRC’s call for evidence on Income Tax Self Assessment Registration for the Self-employed and Landlords. ICAEW does not support the suggestions for basing the notification requirement on the date an income source starts or a threshold is exceeded or reducing the period after the end of the tax year allowed for notification.
ICAEW REP 77/21: Basis Period Reform
Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital will cause as many problems as it solves and would be a backwards step for affected businesses, warns ICAEW in its response to HMRC's consultation on aligning basis periods with the tax year. ICAEW has urged the government not to implement to proposals.
Further support
Useful links
Some resources that we link to may pre-date the latest amendments to the relevant tax regulations. While these links contain useful information, please treat them with appropriate caution.
Self Assessment: detailed information on GOV.UK
Information, guidance and forms relating to various aspects of the Self Assessment system.
Changes to reporting income from self employment and partnerships
Guidance from HMRC on the new tax year basis (also known as Basis Period Reform), which applies from 6 April 2023.
Employment status manual: entertainment industry
Employment status guidance for the entertainment industry. The guidance covers film and video workers, TV and radio workers, theatrical workers and musicians.
National Insurance on GOV.UK
Comprehensive hub linking to government guidance on National Insurance including rates and categories, National Insurance for the self-employed, and UK National Insurance for those working outside the UK.
Expenses if you're self-employed
Guidance on the treatment of company expenses for self-employed taxation explaining different categories of allowable business expenses.
Simple record keeping applications: commercial software suppliers
A list of software suppliers offering simple record keeping applications for cash basis and simplified expenses.
Cash basis on GOV.UK
Official guidance for small businesses on who can use cash basis, how to record income and expenses, and information for VAT registered businesses.
Business Income Manual: Cash basis
HMRC internal manual providing guidance on eligibility, receipts, expenses, and transitional adjustments when entering or leaving the cash basis.
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