Course Details

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

CPD Course Speaker

Association of Taxation Technicians (ATT)

Emma Rawson

Emma Rawson is a technical officer with the Association of Taxation Technicians (ATT).

Her focus is on emerging tax policy, and she works closely with HMRC and the Treasury. She also strongly believes in sharing her knowledge about and love of tax with others. Whether that’s members of the accounting and tax profession through articles and talks, or the general public through media work and school visits.

Emma has a main focus on business and employment taxes, and frequently contributes articles on topical tax issues to leading tax and accountancy publications. She has presented talks and webinars around the country, as well as appearing on BBC Radio 5Live and BBC News to discuss tax issues and providing oral evidence to committees of both the House of Lords and House of Commons. Emma is a member of the Association of Taxation Technicians (ATT) and Chartered Institute of Taxation (CIOT), and a Fellow of the Institute of Chartered Accountants of England and Wales (ICAEW).