Podcast Episodes
A summary of each podcast episode is shown below. You can download the episodes where you usually obtain your podcasts including: Apple Podcasts, Amazon music, Spotify, Google podcasts, Podcast addict, Podchaser, PlayerFM or play from the link below.
The podcasts provide tax CPD for accountants based in the UK
The change to basis period for 2023/24
Contact Emma Rawson
Emma Rawson is a Tax Technical officer with the Association of Taxation Technicians. Emma is a freelance CPD trainer and tax author.
E-mail: ERawson@att.org.uk
The episode will appear here on release on 4 October 2023
New basis period
The basis period is subject to reform for sole traders and partnerships with HMRC requiring the taxable profits to be on a tax year basis. This episode looks at the new rules, how they will be applied, the problem areas and how the transition will be applied in 2023/24.
We look at the issues unique to 2023/24 including overlap relief and the spreading provisions.
Our guest is Emma Rawson. Emma is a Technical Officer with ATT. In that role Emma has been involved in discussions, meetings and representations to HMRC on the basis period change, making Emma a perfect guest for the subject. Emma is a freelance CPD trainer and tax author and can be contacted at erawson@att.org.uk
List of contents and timings
1:49 Introducing Emma Rawson
2:52 Key dates and who is affected by basis period reform
3:49 Does the taxpayer have to change their year end?
4:17 Example for 2023/24 transition year
5:11 Overlap relief and spreading provisions
5:55 How to find out the overlap data from HMRC
8:51 How to use the overlap relief
9:37 Reporting on the 2023/24 tax return
10:22 Worked example for 2023/24
12:01 Treatment of losses
12:58 Accounting period more than 18 months
13:19 What if you have changed accounting date in previous 5 years?
14:20 Capital allowances
17:41 Problems changing the year end
18:39 What if neither you nor HMRC can determine the overlap?
20:14 Partnerships
21:45 Individual overlap relief in a partnership
22:17 LLPs
23:18 Problem sectors
23:41 Unrepresented taxpayers
24:26 Representations to HMRC
26:34 Student loans, payments on account, personal allowance tapering, high income child benefit,
pension annual allowance
28:45 Provisional figures
30:12 Enquiry windows
