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Basis period reform - HMRC has had the bright idea to change the income tax rules. How will it affect your clients?
Manage episode 378733212 series 3467431
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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 erawson@att.org.uk
Check www.thethingswedofortax.co.uk for new episodes providing CPD for tax accountants
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