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Self Employment Basis Period Reform

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Hi hope someone can help. 

Went to enter my figures on my self employment pages of my tax return and found out about the Basis Period reform.
My question is that  I submit my figures from my  usual set of accounts ending during the tax year in detail as asked but for the basis period part I can only see one  box to declare  total profit or loss for this basis period.  Turnover and expenses are not asked for for the basis period just the final figure.  Is this correct?
Thanks for your help in advance.

Comments

  • Hi hope someone can help. 

    Went to enter my figures on my self employment pages of my tax return and found out about the Basis Period reform.
    My question is that  I submit my figures from my  usual set of accounts ending during the tax year in detail as asked but for the basis period part I can only see one  box to declare  total profit or loss for this basis period.  Turnover and expenses are not asked for for the basis period just the final figure.  Is this correct?
    Thanks for your help in advance.
    To what date do you normally make up your accounts?
  • Growingold
    Growingold Posts: 471 Forumite
    Sixth Anniversary 100 Posts Name Dropper
    30th June
    so my usual set of accounts were for year ending 30/06/23 which I enetered full figures for but for the basis accounts could only see to enter a final apportioned figure

  • 30th June
    so my usual set of accounts were for year ending 30/06/23 which I enetered full figures for but for the basis accounts could only see to enter a final apportioned figure

    This is very complicated and will involve some estimation of profits in the period from 1st July 2023 to 5th April 2024. 

    Most importantly- do you know and declare your overlap profit?

    Read this - under ‘The Traditional Year’ - 2023/24

    https://www.att.org.uk/technical/news/basis-period-reform-faqs#The%20transitional%20year%20-%202023/24
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