BLOG PERSONAL TAX
From 6 April 2024, all unincorporated businesses will be taxed on their profit or loss arising in the tax year, regardless of their accounting end date.
- The current tax year (6 April 2023 to 5 April 2024) is a transitional year for businesses whose year-end is not coterminous with the tax year or not deemed to be, i.e. they have a year-end earlier than 31 March.
- These businesses will be subject to a special profit catch-up rule but will also be able to claim overlap relief against their 2023-24 taxable profits.
From 29 August 2023, HMRC have advised that an online form will be available for sole trader and partnership businesses and their agents to request details of overlap relief available for offset during the transition to the new tax year basis period rules.
The form can also be used if there has been a change in accounting period in 2022-23.
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