The Income Tax (Relevant Maximum for Calculating Trade Profits on the Cash Basis) Order, SI 2017/293, increases the entry threshold for the cash basis to £150,000 (£300,000 for universal credit claimants) with effect from 6 April 2017. The exit threshold will increase to £300,000 (double the entry threshold). HMRC published a draft of the order in January, alongside the government's responses to consultation on its making tax digital reforms.
The Income Tax (Relevant Maximum for Calculating Trade Profits on the Cash Basis) Order, SI 2017/293, increases the entry threshold for the cash basis to £150,000 (£300,000 for universal credit claimants) with effect from 6 April 2017. The exit threshold will increase to £300,000 (double the entry threshold). HMRC published a draft of the order in January, alongside the government's responses to consultation on its making tax digital reforms.
.jpg?sfvrsn=335a554c_0 "300 x 250 (MPU)")