Basis Period Reforms - A Bitesized Update

Introduction

To assist facilitating the eventual move to making tax digital, legislation has been introduced abolishing basis periods for the self-employed sole traders and partners in partnerships from 6 April 2024, with transitional provisions applying for 2023/24.

The transitional provisions mean the crystallisation of overlap relief by 5 April 2024.

This 30 minute updated webinar will take you through who is affected by the changes, illustrate the problems arising, and how to access overlap profit figures for the 2023/24 self-assessment, together with changes and easements on self-assessment (SA) estimates and amendments.

What You Will Learn

This webinar will cover the following:

• Review of the original basis period rules and how overlap relief arose
• New apportionment to tax year basis from 2024/25
• Problems arising
• Easement on SA estimates and amendments
• Issues on moving to the cash basis
• Crystallisation and ascertainment of overlap relief due
• Transitional self-assessment year 2023/24
• Additional profits charged less overlap relief
• Extended loss relief
• Spreading the additional charge
• Partnerships with notional businesses

This pre-recorded webinar will be streamed at 12:30pm on Monday 20th May 2024 and will remain available to view by delegates who have registered by then for 90 days.