Basis Period Reform – what it is and how it impacts you

In this conversation, Emma Walker, Jamie Butcher and Laura Clayton discuss the basis period reform and explain the historical taxation of sole traders and partnerships based on their year-end profits and the double taxing of profits (overlap profits).

They address the changes in the basis period reform to simplify and make the taxation process fairer, and also cover the calculation of business profits, treatment of losses and the options available for spreading of transition profits. They also highlight the importance of changing accounting year ends and cover the tax issues farmers and those working in medical businesses face.

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This presentation is designed for the information of viewers. Whilst every effort is made to ensure accuracy, information contained in this recording may not be comprehensive and should not be acted upon without seeking professional advice.