FILLING IN THE NEW G FORM REQUESTING OVERLAP

the on line form doesnt seem to work

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In filling in a g form request for overlap relief after asking when the business started it asks what are the dates of the latest accounting period . 

My last submitted year was 30th April 2022. 

First i tried start 1-5-2022 end 31-03-2024 (as we are aligning at that date ) 

it then asks

1did you cange year end in 2022-23 - er no 

2 an earlier date ? er no 

3 have you not changed year end - must be that then ?  er no 

system responds to 3 as overlap unlikely as you havent changed year end 

second try we prepare 12mnths accounts to 30th april2023 and a set to 31st march 2024 

to i put then i put latest accounting period start 1-5-23 and end 31-3-24 

resultstill norelief as your accounting period is wholy withi the 23-24 year - DER ?

final try . back to option 1 start 1-5-23 end 31-3-24 

but yes i changed my year end in 20-23  ( which i didnt ) 

it seems to like that and wishes me to continue .

looks like form g is for previous year overlap relief and not the basis period reform relief .

i went there following a webinar friom icaew and hmrc yesterday or I dozed off  

any ideas?

 

Replies (6)

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By rmillaree
10th Jul 2024 14:08

the one i did this week i just used the last submitted year so you would go 01/05/2021-30/04/2022 as that is what was presumably on the 2023 return - i cant believe what you enter there will make much difference - who knows the secret of the black magic box though - not me for sure.

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RLI
By lionofludesch
10th Jul 2024 15:39

"Am I barking up the wrong tree?"

Yes - I think so.

Here's the bit I don't understand.

"Looks like form g is for previous year overlap relief and not the basis period reform relief."

What's "Basis Period Reform Relief"?

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Replying to lionofludesch:
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By rmillaree
10th Jul 2024 15:50

whatever you call it its presumably one and the same - i might be meowing in a field of dogs and trees though.

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Replying to rmillaree:
RLI
By lionofludesch
10th Jul 2024 16:05

Well, yes. The OP seems to think they're different though.

Which is why I think he's right. He's barking up the wrong tree.

I thought HMRC were wrong when they said Overlap Relief was too complicated to understand. Perhaps they were right. The number of threads on this from folk in practice has been an embarrassment.

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By Matrix
10th Jul 2024 16:00

See previous threads on this.

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By SXGuy
10th Jul 2024 18:55

Well, I've had last Completed accounts that would ordinarily fall in to the following tax year, and so haven't actually been filed at the time of overlap request, and I've used those dates when asked that question.

I've have no issues.

From what I can see it's not asking you for the last submitted tax return period, it's asking you for the period last completed, if it were me, id pick the period prior to transition.

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