top of page
Search

New basis period reform rules

  • Evans Accountants
  • Mar 6, 2023
  • 1 min read

Sole trader and partnership businesses that do not use the tax year as their accounting date, must ensure they are ready for the new basis period reform rules, which apply from 6 April 2023.


From 6 April 2024, businesses will be assessed on profits for each tax year that runs from 6 April to 5 April. This change will affect how sole traders and partnerships complete their tax returns if they use an accounting date between 6 April and 30 March.


The tax year 2023–24 will be a transition year, to allow any overlap relief that a business may be due to be used against profits for that tax year.


Please don't hesitate to contact us if you need further advice or support to prepare for this change.

 
 
 

Comments


© Evans Accountants

  • Instagram
  • Facebook
  • Twitter
  • LinkedIn

Unit 27B Mitton Road Business Park

Mitton Road

Whalley

Clitheroe

Lancashire

BB7 9YE

01200 428460

Evans Accountants is the trading name of David H Evans Ltd.

Company Registered in England and Wales. Registered number: 4666707
Directors: James Evans ACA & Kirsty Shipston ACA CTA

PRIVACY POLICY

bottom of page