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Basis Period Reform - exploring provisional figures

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Published: 02 Mar 2023

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In this webinar, Thomas Brown of HMRC and Richard Jones of ICAEW's Tax Faculty share the latest developments on the transition to a fiscal year basis of taxation for all unincorporated businesses (basis period reform) as we move towards the transitional year of 2023/24.

In particular this webinar focuses on :

  • the use of estimates in preparing tax computations encompassing multiple accounting periods and penalties position when those estimates are subsequently corrected;
  • the latest guidance on requesting overlap profits 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.

Please note: for the purposes of this webinar the presenters have assumed that viewers are familiar with the new rules applying from 2024/25 (and the transitional rules applicable in 2023/24). If you are unfamiliar with the new rules or require a refresher there are links to previous webinars and our TAXguide on the topic in the resources below.

Resources

First broadcast 2 March 2023

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