OTS Report on Tax Year End
Last week, the Office of Tax Simplification (OTS) published its latest report that investigated the potential to move the date of tax year end.
It examined 31st December and 31st March options, and concluded that “the government and HMRC should pursue ways to formalise arrangements to allow (or even require) taxpayers to use a 31 March cut off to stand in for 5 April in respect of the calculation of profits from self-employment and from property income, ahead of the implementation of Making Tax Digital for Income Tax.”
The report provides its reasoning for the suggestions, the benefits and cost of moving the date. It also gives an overview of Ireland’s experience when they moved the date to the 31st December.
Here’s the report if you’d like to have a detailed read: OTS Report