HMRC has launched a new consultation proposing changes to  the tax treatment of the self-employed, including members of professional partnerships which will, if introduced, aim to simplify the manner in which their income tax liabilities are calculated.

However, as with most changes to the tax rules, there are twists for the unwary and potentially planning opportunities for some.

This proposal is not a change in rate or to what is and is not taxable, rather it changes the way trading profits are allocated to different tax years. This will apply to a wide range of businesses including self-employed sole traders (enc...