During the session, our speakers covered the following key areas;
Basis Period Reform is new legislation from HMRC which essentially aligns the business year end with the tax year end and comes into play from the 2023/24 tax year which will be recognised as the ‘Transitional year’. For more information, visit our articles below.
Basis Period Reform will result in profits for a period of more than 12 months being assessed which could lead to an increase in tax liability for partners. For more information, visit our articles below.
If you have any questions relating to this session or the services we provide, please don't hesitate to get in touch with our team.
30/06/2023. If your practice year end is currently not in alignment with the tax year end of 5 April (or 31 March), then Basis Period Reform will impact you as an individual for tax and superannuation purposes.
25/07/2023. If your practice is likely to be affected by Basis Period Reform (BPR) its important to know what your options are moving forward. Our team of experts have devised a series of FAQs to help answer a number of scenarios.
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