Changes to reporting income from self-employment and partnerships
From 5 April 2024, all sole trader and partnership businesses whose accounting year doesn’t end on or between 31 March to 5 April will need to report their taxable profits to us on a tax yearly basis.
They may need to find out the details of their overlap relief if they don’t already know this figure. This needs to be done ahead of submitting returns for the 2023 to 2024 transitional year.
On 11 September, we launched an online form that allows individuals to get their overlap relief figure on GOV.UK. We’ve also published guidance about the changes to reporting income from self employment and partnerships for the new tax year on GOV.UK.
Overlap profits are profits that have been taxed twice. These can arise if a business uses an accounting date that does not align with the end of the tax year. Overlap profits create a corresponding amount of overlap relief, given in certain circumstances such as when a business stops trading.
Over 1 million intelligent text messages sent to help our customers resolve their tax queries
Our intelligent text message service has proven to be a useful tool in encouraging the use of our online services, and it’s now a key component of our business as-usual activity.
Since its launch on 19 January, over 1 million text messages have been sent to customers who called us from a mobile phone.
The service is helping customers resolve their queries quickly and easily online, with 38% not going on to speak to an adviser or calling back within 7 days.
The texts are triggered by the call reason, and they deliver links that provide immediate access to relevant online content which customers can use to resolve their query independently and at their own convenience.
We are continuing to learn from, and improve, the service so it meets both our needs and our customers’ needs. We would value your support in encouraging your constituents to use more of our highly rated digital services.
Register for Self Assessment by 5 October
We’re reminding anybody who is new to tax and who needs to complete a tax return for the 2022 to 2023 tax year to register for Self Assessment by 5 October.
Our improved online tool can help people check if they need to send a Self Assessment tax return and register on GOV.UK.
Your members can find out more about registering for Self Assessment in our recent press release on GOV.UK.