Self-employed changes to basis period rules

Use this update to encourage a planning exercise to determine the timing of the switch to assessment of profits earned in the tax year.

Contents include:

• • What is a basis period?
  • The current rules
  • Overlap profits
  • New rules – the tax year basis
  • Transitional year 2023-24
  • The implications
  • Spreading of transitional profits
  • Change your accounting date now?