Time to act on basis period reform

Basis period reform is an important issue at the moment, with 2023/24 a transitional year. We look at the impact of this for businesses filling in their tax returns.

Where an individual’s accounting date deviates from the tax year, there are additional boxes to complete on the tax return for 2023/24, and quite likely additional tax to pay too.

The team also gazes into the Tax Faculty crystal ball to predict what might be in the first Budget of the new Labour government, now scheduled to take place on 30 October.

This month’s experts are Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW; Stephen Relf, Technical Manager, Tax; and Richard Jones, Senior Technical Manager, Tax Policy.

Links

• TAXguide 02/22: Basis Period Reform
  https://www.icaew.com/-/media/corporate/files/technical/tax/tax-faculty/taxguides/2022/taxguide-0222-basis-period-reform.ashx 
• Basis period reform begins to bite
  https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/basis-period-reform-begins-to-bite 
• Tax gap closes as a percentage of tax liabilities
  https://www.icaew.com/insights/tax-news/2024/jun-2024/tax-gap-closes-as-a-percentage-of-tax-liabilities 
• What might we see in the next budget?
  https://www.icaew.com/insights/tax-news/2024/jul-2024/what-might-we-see-in-the-next-budget 
• Budget to be delivered on 30 October
  https://www.icaew.com/insights/tax-news/2024/jul-2024/budget-to-be-delivered-on-30-october 

Webinar

• https://www.icaew.com/technical/tax/tax-faculty/webinars-and-recordings/tax-webinars/2024/basis-period-reform-update 

Podcast

• HMRC on hold
  https://www.icaew.com/insights/podcast/the-tax-track/hmrc-on-hold 

Panellists

• Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW
• Stephen Relf, Technical Manager, Tax, ICAEW
• Richard Jones, Senior Technical Manager, Tax Policy, ICAEW

Producer 

Ed Adams

Episode first published: 31 July 2024
Podcast recorded: 24 July 2024