The Basis Period Reforms & Tax - Get Ready for the New Rules

Introduction

This virtual classroom session is aimed at those who deal with business tax returns and the taxable basis period regime for the self-employed on a day-to-day basis.

The aim of this session is to be practical and relevant and will include reference to examples.

What You Will Learn

This live and interactive course will cover the following:

• Brief history of previous year and current year basis periods
• The current basis period regime
• The new basis of assessment from 2024/25
• Opening and closing year rules
• Transitional rules
• Use of overlap relief and implications
• Spreading rules
• Income tax and timing issues
• Implications for averaging cases
• Changes of accounting date and the extra chargeable “Transition Profits” for 23/24, the confusion demystified

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.