Dear HMRC

Taxpayers have benefited from recent changes allowing cash accounting for sole traders and simplified company reporting. The press releases accompanying these changes talk  a lot about simplification, with the sub-text that enterprise Britain enables small businesses to deal easily direct with HMRC and companies house. There is no need to pay an accountant so say the politicians.

The reality for small business owners is very different.

The Chancellor chose this headline, but I think Investors also get a look in.

(SMALL) MAKERS

I take this to be businesses. In fact, it's largely small to medium companies that benefit from today's announcements being the changes to AIA, SEIS and R&D.

#Tax law is set up by different politicians at different times to achieve different aims, so we often end up with a strange mix of outcomes.

You may know what your Income is for income tax & national insurance purposes, but what about pension purposes? Child benefit high income charge? Childcare vouchers?

Here's a list of the main sources of income and when they're applicable when dealing with #HMRC:

Here are the main questions we ask our clients before making a recommendation:

1. ARE YOU MAKING TAX LOSSES?

Yes - If you are a Sole Trader in your first 4 tax years of trading you can offset these losses against other taxable income from the previous 3 tax years.