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I started my business as self-employed mid of Aug, 2021 for 1 year as a consultant for an offshore company. I become a UK tax resident in July 2021. My business was only last for 1 year and was terminated mid of Aug 2022. I received a 1-time payment for my services from this offshore company in August 2022 meaning that payment for the 1 year service was made at the end of service (Aug 2022) and there was no payment on between. I registered as self employed for the year 2021/2022.
According to HMRC website, small business with less than GBP150k turnover can use Cash basis accounting. I am not sure if I can use cash basis accounting as there is no business turnover for consulting business? If yes, Should I report this 1-time payment received in the tax year 2022/2023 instead of 2021/2022 as the payment was received in Aug 2022?
Hi HRMC Admin,
I landed to UK via Hong Kong BNO visa on the 1st of July, 2021 and I become UK tax resident since then. I resigned my job in May 2021 but I received a few wages payments AFTER I landed in UK. These payments were related to my services while I was an employee before resignation in May 2021 which was before landing to UK.
If I qualify for the split year treatment, I only need to report the UK part of income and does not need to report the income prior to arriving UK. In this case, do I need to report these payments credited to my Hong Kong account after I landed in UK?
I registered as first time self-employed and would like to add individual self assessment in my business tax account as I have uk income and capital gain. However, the individual self assessment option is not available under the “add a tax” in the business tax account. The options are corporate tax, self assessment for partnership and trust, VAT but not individual self assessment. I have watched the HMRC video showing the individual self assessment but unable to find it in my business account.