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Self Employment Basis Period Reform
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Growingold
Posts: 471 Forumite

in Cutting tax
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.
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.
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Comments
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Growingold said: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.0 -
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
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Growingold said: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 figureMost 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-%202023/241
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