Taxation logo taxation mission text

Since 1927 the leading authority on tax law, practice and administration

Readers’ forum: New tax basis

23 November 2021
Issue: 4818 / Categories: Forum & Feedback
Tax planning advice on a change of assessment basis.

I was looking through HMRC’s autumn Budget 2021 tax-related documents to check for matters that may affect my clients. The most wide-ranging measure is the reform of the basis period for assessing profits from self-employment.

The department’s notes say: ‘On transition to the tax year basis in the tax year 2023-24 all businesses’ basis periods will be aligned to the tax year and all outstanding overlap relief given.’ I realise that this is still some way in the future but I wondered whether there were any basic tax-planning measures or income and payment timing issues that should be considered in advance. I am thinking in particular about matters that could affect the tax-efficient use of the overlap relief and other allowances. It occurred to me that this might be something worth thinking about before 2023 and I look forward to thoughts from readers.

Query 19 849 – Overlord....

If you or your firm subscribes to, please click the login box below:

If you are not a subscriber but are a registered user or have a free trial, please enter your details in the following boxes:

Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.

Please reach out to customer services at +44 (0) 330 161 1234 or '' for further assistance.

back to top icon