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New basis period


The 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.


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


List of contents and timings

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


New basis period

  • The podcast is supplied as an MP3 file

    The verification quiz is in Excel format

    This episode was recorded in October 2023

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