Essential Sole Trader Tax Update

A webinar covering various tax changes which have been introduced for sole traders, how these will affect your clients, and how you can prepare your practice and clients for upcoming changes.

Content

In this webinar we’ll take a look at some of the recent tax changes for sole traders as well as what is coming down the line. We’ll have a practical focus, looking not just at what is changing, but what it might mean for our clients and ourselves. 

Topics covered will include: 

  • Basis period reform - what has changed and what does this mean for both 2023/24 tax returns and beyond? 
  • The cash basis – changes to the rules from April 2024 and who may benefit from moving to the cash basis.
  • Training costs– HMRC’s new guidance on what sole traders can, and can’t get a deduction for. 
  • National Insurance Contributions – what is the position now for sole traders? 
  • Making Tax Digital – what is happening and how to get ready. 
  • Depending on timing – relevant announcements at the Autumn Budget, or possible future announcements.

Specific learning outcomes from this session include an understanding of: 

  • Which taxpayers are affected by basis period reform, and what this will mean in terms of their tax liabilities and compliance. 
  • Who is now eligible for the cash basis, and which clients might want to consider making a change. 
  • Whether clients can get a deduction for costs of training, when they may not have been able to in the past. 
  • What National Insurance Contributions are now payable by sole traders, and how low income individuals can maintain access to the state pension. 
  • What Making Tax Digital is likely to mean in terms of your clients’ record keeping and filing obligations, and what you need to do to prepare. 
  • The impact of actual or expected Budget announcements on your clients. 


Duration

1 hour (1 non-verifiable CPD unit)


Speaker

Emma Rawson is a technical officer with the Association of Taxation Technicians (ATT). Her focus is on business and employment taxes, and she works closely with HMRC on tax policy matters.  

Emma frequently contributes articles on topical tax issues to leading tax and accountancy publications. She has presented talks and webinars around the country, as well as appearing on BBC Radio 5Live and BBC News to discuss tax issues and providing oral evidence to committees of both the House of Lords and House of Commons.  

Emma is a member of the Association of Taxation Technicians (ATT) and Chartered Institute of Taxation (CIOT), and a Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW).

Buy now

To purchase this item, please click Buy Now.

£15.00 | AIA members
£30.00 | Non - members

To take advantage of reduced member rates, ensure you are logged in before proceeding.