Be prepared for the new tax year basis rules from 2024/25
Written by Rebecca Cave, and brought to you by AccountingWEB and Intuit Quickbooks, this whitepaper covers the ‘tax year basis' rules that will apply to all unincorporated businesses from 2024/25.
From 2024/25 all unincorporated businesses will be required to report their accounting results to HMRC based on the income and expenditure relating to a period that aligns with the tax year (or to a period ending between 31 March and 5 April). This is referred to as the ‘tax year basis’.
With clear examples to support each section, this whitepaper discusses HMRC's reasons for the changes and explores how to navigate them seamlessly and keep on top of tax liabilities and reporting requirements. We also look at the ways accountants can help their clients decide whether to change their business' accounting period to align with the tax year, and how to deal with cases where this is not possible.
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