Currently, if sole traders, partners or agents wish to obtain overlap information from HMRC, they need to call or write a letter, which can take time for HMRC to process. The online form should speed up delivery and allow businesses and agents the information they need more quickly.
It may prove more efficient to wait for the online form, as HMRC is also establishing a dedicated team to deal with these requests.
The form may be used to request information for whichever tax year a change of basis takes place in. For example, a business with an accounting year end outside of the 31 March to 5 April window may decide to align its accounting year with the tax year in 2022/23. If it doesn’t, it will be moved onto a tax year basis of taxation by default in the transitional year 2023/24. Either way, a transitional profit or loss is likely to be created and overlap relief can be used to off-set any transitional profit.
The form will be launched on 29 August 2023 and will be made available via the gov.uk website.
The Tax Faculty
ICAEW's Tax Faculty is recognised internationally as a leading authority and source of expertise on taxation. The faculty is the voice of tax for ICAEW, responsible for all submissions to the tax authorities. Join the Faculty for expert guidance and support enabling you to provide the best advice on tax to your clients or business.
More from the Tax Faculty
Stay up to date with the latest developments in tax by signing up to the Tax Faculty's weekly e-newsletter
Comprehensive support for Tax practitioners each month from the Tax Faculty and expert contributors.
Expert advice from the Tax Faculty's technical managers on all the developments in tax policy and practice.