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Never simple
Key points
- Basis period reform will affect all businesses in 2023-24 irrespective of whether they are included in the first phase of making tax digital for income tax.
- When a business retains an accounting date other than 31 March or 5 April the adviser will have to complete accounts close to the end of the accounting period to file the self-assessment return.
- Difficulties with changing the accounting to 31 March during the transitional year 2023-24.
- The option to split the period to increase the profits of the transitional part or to use a single period which as a result of varying profits also increases the profits in the transitional part is worth considering.
- Uncertainties remain over treatment of overlap profits.
In Budget 2021 the government announced that it was proceeding with its proposed reforms of income tax basis periods. These will affect all businesses...
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