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Posted Sun, 22 Sep 2024 15:53:41 GMT by pgill
I prepare my SA accounts for the period 6 April - 5 April every year, however I am taxed on a previous year basis i.e. for 2022 - 23 Tax Return, the period of my accounts was 6 April 2021 - 5 April 2022. Would the basis year reform effect me? Also, how can I bring it in line with the tax year, so that my accounting period on the tax return is the same as the tax return period. Many thanks for any help.
Posted Tue, 01 Oct 2024 10:41:07 GMT by HMRC Admin 19 Response
Hi,
The basis period reform will only affect businesses which draw up annual accounts to a date different to 31 March or 5 April, mainly seasonal businesses and large partnerships, and businesses that commence from 6 April 2024. You can see guidance here:
Basis period reform
Please also have a look at the guidance at BIM81110:
BIM81110 - Computation of liability: previous year basis - transitional overlap relief
Thank you.

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