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New basis period for UK income tax podcast

Brand new CPD training course on new basis period



New basis period
New basis period

The new basis period is subject to reform for sole traders and partnerships with HMRC requiring the taxable profits to be on a tax year basis. This episode looks at the new rules, how they will be applied, the problem areas and how the transition will be applied in 2023/24.


We look at the issues unique to 2023/24 including overlap relief and the spreading provisions.



Emma Rawson - ATT Technical officer
Emma Rawson - ATT Technical officer

Our guest is Emma Rawson. Emma is a Technical Officer with ATT. In that role Emma has been involved in discussions, meetings and representations to HMRC on the basis period change, making Emma a perfect guest for the subject. Emma is a freelance CPD trainer and tax author and can be contacted at erawson@att.org.uk



The detailed contents include:


1:49 Introducing Emma Rawson

2:52 Key dates and who is affected by basis period reform

3:49 Does the taxpayer have to change their year end?

4:17 Example for 2023/24 transition year

5:11 Overlap relief and spreading provisions

5:55 How to find out the overlap data from HMRC

8:51 How to use the overlap relief

9:37 Reporting on the 2023/24 tax return

10:22 Worked example for 2023/24

12:01 Treatment of losses

12:58 Accounting period more than 18 months

13:19 What if you have changed accounting date in previous 5 years?

14:20 Capital allowances

17:41 Problems changing the year end

18:39 What if neither you nor HMRC can determine the overlap?

20:14 Partnerships

21:45 Individual overlap relief in a partnership

22:17 LLPs

23:18 Problem sectors

23:41 Unrepresented taxpayers

24:26 Representations to HMRC

26:34 Student loans, payments on account, personal allowance tapering, high income child benefit, pension annual allowance

28:45 Provisional figures

30:12 Enquiry windows

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