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2. People also ask

   What is the Transition Year for 2023 to 2024?

   • There will be a transition year from 6 April 2023 to 5 April 2024, to allow any overlap relief that you may be due to be used against your profits for that tax year. The changes will mean the amount of tax that you owe in the 2023 to 2024 tax year may change if you use an accounting date between 6 April and 30 March.

   How HMRC assesses profits for some sole traders and partnerships to

   www.gov.uk/government/news/how-hmrc-assesses-profits-for-some-sole-traders-and-partnerships-to-change

   See all results for this question

   What is the tax year of transition in 2023/24?

   • The tax year of transition will be 6 April 2023 – 5 April 2024. In 2023/24, continuing businesses will be taxable on their profits on the current year basis (ie for the 12 months to their accounting date in 2023/24, plus the period up to the end of the tax year (ie 31 March for simple apportionment).

   Business Profit Tax Changes 2023-24: Basis Period - BDO

   www.bdo.co.uk/en-gb/insights/tax/partnership-tax/changing-how-business-profits-are-taxed-from-2023-24-basis-period-reform

   See all results for this question

   How will tax changes affect the 2023 to 2024 tax year?

   • The changes will mean the amount of tax that you owe in the 2023 to 2024 tax year may change if you use an accounting date between 6 April and 30 March. You will be assessed on both the tax for profits for the: You can spread the profits from the rest of the 2023 to 2024 tax year over a shorter period if you wish.

   How HMRC assesses profits for some sole traders and partnerships to

   www.gov.uk/government/news/how-hmrc-assesses-profits-for-some-sole-traders-and-partnerships-to-change

   See all results for this question

   What is the apportionment period for 2024/25?

   • A business makes up its accounts to 30 June annually. On the current year basis, its basis period for the 2024/25 tax year would be: Profits of the year to 30 June 2024 (ie the accounting period ending within the tax year). Under the tax year basis, the business will report for the 12 months to 31 March 2025, so the apportionment would be:

   Business Profit Tax Changes 2023-24: Basis Period - BDO

   www.bdo.co.uk/en-gb/insights/tax/partnership-tax/changing-how-business-profits-are-taxed-from-2023-24-basis-period-reform

   See all results for this question

   Is 2023/24 a tax year?

   • The move from basis periods to the tax year basis for unincorporated businesses means 2023/24 is an important tax year. We look at how to approach the tax return. The government identified basis period reform as a simplification opportunity just over three years ago.

   Basis period reform: what you need to know - ICAEW

   www.icaew.com/insights/tax-news/2024/jun-2024/basis-period-reform-what-you-need-to-know

   See all results for this question

   Can I Change my accounting date in 2023 to 2024?

   • The restrictions on changing your accounting date that are currently in place will be lifted starting from the tax return for 2023 to 2024. If you change your accounting date in your tax return for a year before 2023 to 2024 you will not be able to spread any extra profits that arise in the tax year that you have made the change in.

   How HMRC assesses profits for some sole traders and partnerships to

   www.gov.uk/government/news/how-hmrc-assesses-profits-for-some-sole-traders-and-partnerships-to-change

   See all results for this question

3. www.gov.uk › guidance › changes-to-reporting-incomeChanges to reporting income from self employment and ...

   www.gov.uk › guidance › changes-to-reporting-income

   • Cached

   Jul 31, 2023 · The 2023 to 2024 tax year is known as the ‘transition year’. In your Self Assessment tax return, you will need to report profit from the day after your accounting year end in 2022 to 2023, up to...

4. www.gov.uk › guidance › work-out-your-transition-profitWork out your Basis Period Reform transition profit - GOV.UK

   www.gov.uk › guidance › work-out-your-transition-profit

   • Cached

   Feb 19, 2024 · Your transition profit after Overlap Relief will be spread over 5 years, starting with the 2023 to 2024 tax year and ending with the 2027 to 2028 tax year. There are boxes on your Self...

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6. www.gov.uk › government › newsHow HMRC assesses profits for some sole traders and ...

   www.gov.uk › government › news

   • Cached

   Nov 8, 2022 · There will be a transition year from 6 April 2023 to 5 April 2024, to allow any overlap relief that you may be due to be used against your profits for that tax year.

7. www.rossmartin.co.uk › tax-compliance-checklistsBasis Period reform: At a glance - www.rossmartin.co.uk

   www.rossmartin.co.uk › tax-compliance-checklists

   • Cached

   May 9, 2024 · Basis reform: how it works and with Q&A. 2023-24 is a transitional year. All unincorporated (self-employed) businesses will be calculating their profit or loss arising up to 5 April 2024 regardless of their accounting end date. This is a freeview 'At a glance' guide to tax Basis Period reform.

8. www.att.org.uk › technical › newsBasis Period Reform - FAQs | The Association of Taxation ...

   www.att.org.uk › technical › news

   • Cached

   Tax year 2023/24 is a transitional year, in which we swap over from the current year basis to the new tax year basis. Specific rules apply in the transitional year, which may result in more than 12 months’ worth of profit being taxed.

9. www.icaew.com › insights › tax-newsBasis period reform: what you need to know - ICAEW

   www.icaew.com › insights › tax-news

   • Cached

   Jun 18, 2024 · Basis period reform. As part of basis period reform, an individual’s business profits will be taxed on a tax year basis for 2024/25 onwards. For 2022/23 and earlier, the person was taxed by reference to their basis period; 2023/24 is a transition year.

10. www.bdo.co.uk › en-gb › insightsBusiness Profit Tax Changes 2023-24: Basis Period - BDO

    www.bdo.co.uk › en-gb › insights

    • Cached

    Jun 30, 2024 · The tax year of transition will be 6 April 2023 – 5 April 2024. In 2023/24, continuing businesses will be taxable on their profits on the current year basis (ie for the 12 months to their accounting date in 2023/24, plus the period up to the end of the tax year (ie 31 March for simple apportionment).