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.
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.
Recent proposals to overhaul income tax administration could have a major impact on unincorporated businesses.