Change in Basis Periods

The change in the basis periods for self-employed and partners is back on the agenda, If your accounting period is not to a date between 31 March and 5 April, then you may find yourself with additional tax to pay in 2023/24, the changeover or transitional year.

Consider changing your year end before the change comes in so that the profits subject to “bunching” include years when your profits have been reduced due to Covid.

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