Understanding basis period reform

Part 4 of the Finance Act 2022 sets out how the profits of self-employed sole traders and partners in a partnership will be taxed from 2024/25. This will result in a number of changes to the legislation - including abolishing the well-known term 'basis period'.

The changes mean that the profits will be taxed on a tax-year basis - ie. to the end of 5 April instead of the profits for the 12 months to the accounting date in the tax year. From 2024/25, taxable profits will be based on time-apportioned profits of the accounting periods that fall within the tax year.

This webinar - presented by Paul Soper - will look at the practicalities of basis period reform - what the changes will be, who it affects, and the transitional rules.