Heading for self-assessment of Income Tax

摘要

Major changes are on the way for self-employed tax payers. Tax will be paid on a current-year basis and in three instalments rather than the current two. Gordon Throup examines what the changes mean and the ways to make the most of the change-over period. In his March1993 budget, the Chancellor announced far-reaching changes in the taxation system for the self-employed, and that includes most dairy farmers. These changes will come into effect as from April 5, 1997. From that date, self-employed tax payers will become responsible for calculating their own tax liability as well as completing their tax returns. These returns will also have to be filed with the Inland Revenue by January 31 following the end of the tax year.