Last year I posted summaries of the Government’s proposals to reform the basis on which business profits for partners and the self-employed are charged to tax, and also the move to mandatory digital reporting for Income Tax Self Assessment.
Both measures involve structural changes in the tax system and the original plan was that they would be implemented with effect from 2023/24, with 2022/23 being a “transition year” for the change to basis periods. Following representations from businesses and professional bodies and in recognition of the challenges faced by everyone as a result of the pandemic, neither measure will now come into effect until the tax year 2024/25, with 2023/24 as the transition year.
Previous post (8.9.2021): What are the proposed tax changes for the self-employed, sole traders and partnerships?
