22nd Jan 2024

Preparing your practice and clients for Basis Period Reform

With the new Basis Period Reform rules due to come into play from 6 April 2024, Rebecca Cave prepares accountants and their clients for the changes.
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From the 2024-25 tax year, basis period reform will mean that all unincorporated businesses will use the UK tax year of 6 April to 5 April as their basis period for income tax assessment.

This whitepaper, brought to you by AccountingWEB and in association with Xero, breaks down the rules and requirements for accountants and their clients who will be affected.

We cover:

  • Impact in the transitional 2023/24 Tax Year and 2024/25 Tax year
  • Who is affected
  • How to utilise Overlap Relief
  • What to do if you cannot change the year end
  • Calculating the tax liabilities
  • Examples, including calculations, and tips from experts

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AWEB & Xero - Preparing your practice and clients for Basis Period Reform

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