HMRC are writing to unrepresented taxpayers this week, advising the changes on the basis period reform and the support that is available should you be affected.
A copy of the letter can be found here.
This major change will affect sole traders and partnerships who's annual accounts are not drawn up to either 31 March or 5 April. The proposal will potentially show temporary increases to their tax bills; the change means you will need to report profits for your normal accounting period plus any profits up to 5 April 2024. There will be support available - 'overlap relief' which can help reduce the extra profits.
For more information please visit: