Course Details

The taxation of unincorporated businesses is changing from the current year basis to the tax year basis. We’re right in the middle of the change, with 2023/24 being the transitional year. But the old rules aren’t dead yet, as many sole traders and partnerships could still change their accounting date for 2022/23 if they want to: and if it will save them enough tax. There’s a complex interplay of old, new, and transitional rules happening at present: so how do you advise your clients on the best course of action?

 

In this session, Carl Bayley will cover:

  • The old basis period rules, the deadline for using them, and how making a change in the 2023 tax return could still save tax now, or in the future
  • The signs to look out for that indicate an early change could save tax
  • The transitional rules for 2023/24 and the effect of changing the business’s accounting date in the 2024 tax return
  • Why transition profits are a good thing: the tax saving opportunities with spreading relief
  • Why year-end tax planning has been turned on its head in 2023/24

 


By attending this session, delegates will be able to advise sole traders and partnerships on the changes taking place and the tax-saving opportunities that arise

 


The session will be of benefit to general practitioners, tax advisers, accountants working in unincorporated businesses, and accountancy students.

 

Course Level: intermediate

CPD Course Speaker

BSc FCA, Author and Presenter

Carl Bayley

Carl Bayley is the author of a series of ‘Plain English’ tax guides designed specifically for the layperson and the non-specialist (available from www.taxcafe.co.uk). His particular speciality is his ability to take the weird, complex world of taxation and set it out in the kind of clear, straightforward language taxpayers themselves can understand. Carl takes the same approach when speaking on taxation, a role he frequently undertakes with great enthusiasm, including his highly acclaimed annual ‘Budget Breakfast’. He has spoken on taxation on radio and television, including the BBC’s ‘It’s Your Money’ programme and BBC Radio 2’s Jeremy Vine Show.

Carl is a past chairman of the Tax Faculty of the ICAEW and former member of the institute’s governing Council and Board. Aside from his tax books, Carl is an avid creative writer and is looking forward to the publication of his first novel, Trinity of Souls, in January 2024. When he isn’t working, he takes on the equally taxing challenges of hill walking and horse riding: his Munro tally is now 106 and, while he remains a novice rider, his progress is cantering along nicely.

Carl lives in the Scottish Borders, where he enjoys spending time with his partner Linda. He has three children, and his first grandchild arrived in April 2021