Rachael Brown outlines some of the implications of HMRC’s decision to align all basis periods with the tax year.
Big changes are on the horizon for self-employed clients with year ends that do not correlate with the tax year. The overarching intention is to simplify the process by aligning all basis periods with the tax year, which ends on 5 April each year.
As with most changes to the tax system, the transition period is far from simple and there is work to be done to help clients prepare for it.
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