Basis Period Reform – The Agent’s Need to Know
Category: Tax | Date: 02/04/2024 10:00 | Duration: 1hr | Tag: WEBUK2421| Type: Webinar | Speaker: Emma Rawson
Basis period reform is a major change in how the trading profits of unincorporated businesses (such as sole traders and partnerships) are calculated for income tax purposes. If these businesses draw their accounts up to a date other than 31 March or 5 April, then they face ongoing additional admin burdens and potentially higher tax bills as a result of this change.
The new rules come into full effect from April 2024, with tax year 2023/24 being a transitional year. That means they are already affecting your clients. In this webinar we’ll take a practical look at how the new basis period rules will work, who is (and isn’t) affected and what this change might mean for you and your clients.
Emma Rawson will cover the following topics during this session:
• What’s changing and when
• The tax year basis from 2024/25
• Calculating profits and tax in the transitional year 2023/24
• The importance of overlap relief and spreading
• Practical and financial pain points.
By attending this session, you will be able to identify which of your clients are likely to be affected by basis period reform and understand what it might mean in terms of their tax compliance work and tax liabilities.
This session will be of particular interest to tax advisers, particularly those advising sole traders and partnerships.
Course Level: Intermediate
Emma Rawson