The basis period reform transition year of 2023/24 is almost upon us. During that year, businesses must claim all remaining overlap relief, regardless of whether they are changing their accounting date to coincide with the tax year.
Beyond the transition period, unincorporated businesses that do not have an accounting date that coincides with the end of the tax year may have to use estimated figures in their tax returns. This could be quite a challenge.
ICAEW’s Tax Faculty held a webinar that covered:
- the use of estimates in preparing tax computations encompassing multiple accounting periods and the penalty position when those estimates are subsequently corrected;
- the latest guidance on requesting overlap profit information from HMRC;
- an update on the work HMRC is doing to update tax returns and filing processes in advance of the change; and
- methods that HMRC is using to publicise the upcoming changes with agents and businesses.
ICAEW members, students and Tax Faculty members can watch the webinar on demand.
Find more Tax Faculty resources on basis period reform:
The Tax Faculty
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