It sounds entirely shoulder-shruggable but basis period reform is like the bits under the bonnet; it makes the car go. Or, in this case, it helps determine the Income Tax bill.
Basis period reform – potentially higher tax bills for sole traders and partnerships
Basis period reform could lead to higher tax bills for sole traders and partnerships with a tax year end that’s anything other than 31 March or 5 April.
How basis period reform could impact your tax bill
Changes to the tax basis period coming in the tax year 2023/24 will alter the way tax liability is calculated for unincorporated businesses (sole traders and partnerships). Here we answer your questions about basis period reform.
