Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…

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Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…

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