27 June 2007
My client was a subcontractor working as self employed for a company and HMRC have backdated his employment from September 2006 to 6 April 2006. The subcontractor has been trading for well over 20 years and his accounts have always been prepared to 30 June each year. This means that there will now be another nine months of profit to be brought into account as income for the year ended 5 April 2006. Taking off the overlap period, an additional assessment on around £7,000 of income will become taxable.
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