Basis period reform - HMRC has had the bright idea to change the income tax rules. How will it affect your clients?

The things we do for tax

The basis period is subject to reform for sole traders and partnerships with HMRC requiring the taxable profits to be on a tax year basis. This episode looks at the new rules, how they will be applied, the problem areas and how the transition will be applied in 2023/24.

We look at the issues unique to 2023/24 including overlap relief and the spreading provisions.

Our guest is Emma Rawson. Emma is a Technical Officer with ATT. In that role Emma has been involved in discussions, meetings and representations to HMRC on the basis period change, making Emma a perfect guest for the subject. Emma is a freelance CPD trainer and tax author and can be contacted at [e-mail]

Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants