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 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.
Recent proposals to overhaul income tax administration could have a major impact on unincorporated businesses.
If you have already submitted your tax return for the tax year ended 5 April 2018, there’s no better time to think about saving tax in the current year. Here are three pieces of helpful tax-saving advice…