This TAXguide provides details of the reform to the taxation of unincorporated businesses introduced through FA 2022 to take effect from April 2024.
Basis Period Reform was the subject of a Tax Faculty webinar on 17 February 2022. This TAXguide answers some of the key questions raised by participants on the webinar. It also provides an overview of the reforms introduced in Finance Act 2022, including potential planning points and the impact of changing a business’ accounting year end date in advance of the regime coming into effect.
The TAXguide has also been updated for more recent changes and is up to date as of 10 October 2023.
This guidance is created by the Tax Faculty, 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.