Self-employed: Taxation

Treasury written question – answered am ar 12 Chwefror 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Pete Wishart Pete Wishart Chair, Scottish Affairs Committee, Chair, Scottish Affairs Committee

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential merits of extending tax reporting periods for freelancers in the creative sectors.

Photo of Nigel Huddleston Nigel Huddleston The Financial Secretary to the Treasury

The deadlines for individuals submitting self-assessment tax returns are prescribed in legislation. Individuals have specific reporting deadlines which are dependent on whether they submit their returns online or on paper.

Individuals who might not know their exact profit by the relevant filing date may provide estimated figures in their return. They have 12 months from the filing deadline date to finalise their figures and make the appropriate amendment to their return.

There is no provision within the legislation to make distinctions between individuals with different professions or vocations such as creative freelancers.

There is however provision for a special relief for self-employed creators of literary or artistic works to average their profits over 2 years where certain conditions are met. This helps them even out fluctuating profits, smoothing their tax bills

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