Policy paper

Income Tax: basis period reform

This measure intends to reform basis periods for Income Tax for the self-employed, it also launches a consultation on how to implement reform.

• From: HM Revenue & Customs
• Published: 20 July 2021

Documents

Income Tax: basis period reform

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Details

The proposal changes the basis period rules from a 바카라 사이트˜current year basis바카라 사이트™ to a 바카라 사이트˜tax year basis바카라 사이트™. The transition would take place from 2022 to 2023. The changes would come into effect from 2023 to 2024.

A business바카라 사이트™s profit or loss for a tax year would be the profit or loss that occurs in the actual tax year itself, regardless of its accounting date.

Read the 바카라 사이트˜Basis period reform바카라 사이트™ consultation.

Published 20 July 2021