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 course, Carl Bayley covers:

  • 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

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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 layman and the non-specialist. His particular specialty is his ability to take the weird, complex, and inexplicable 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’ for the Institute of Chartered Accountants. He has spoken on taxation on radio and television, including the BBC’s ‘It’s Your Money’ program and BBC Radio 2’s Jeremy Vine Show.

Carl began his career as a Chartered Accountant in 1983 with one of the ‘Big 4’ accountancy firms. After qualifying as a double prize-winner, he immediately began specialising in taxation. He worked for several major international firms until beginning the new millennium by launching his own practice, through which he provided advice on a wide variety of taxation issues; especially property taxation, inheritance tax, and tax planning for small and medium-sized businesses, for twenty years, before deciding to focus on his favourite role as author and presenter.

Carl is a former Chairman of the Tax Faculty of the Institute of Chartered Accountants in England and Wales and a member of the Institute’s governing Council. He is also a former President of ICAEW Scotland and a member of the ICAEW Board. He has co-organised the annual Practical Tax Conference since its inception in 2002.