Jul 31 2024 26 mins
Basis period reform is an important issue at the moment, with 2023/24 a transitional year. We look at the impact of this for businesses filling in their tax returns.
Where an individual’s accounting date deviates from the tax year, there are additional boxes to complete on the tax return for 2023/24, and quite likely additional tax to pay too.
The team also gazes into the Tax Faculty crystal ball to predict what might be in the first Budget of the new Labour government, now scheduled to take place on 30 October.
This month’s experts are Lindsey Wicks, Senior Technical Manager for Tax Policy at ICAEW; Stephen Relf, Technical Manager, Tax; and Richard Jones, Senior Technical Manager, Tax Policy.
Links
- TAXguide 02/22: Basis Period Reform
https://www.icaew.com/-/media/corporate/files/technical/tax/tax-faculty/taxguides/2022/taxguide-0222-basis-period-reform.ashx - Basis period reform begins to bite
https://www.icaew.com/technical/tax/tax-faculty/taxline/articles/2024/basis-period-reform-begins-to-bite - Tax gap closes as a percentage of tax liabilities
https://www.icaew.com/insights/tax-news/2024/jun-2024/tax-gap-closes-as-a-percentage-of-tax-liabilities - What might we see in the next budget?
https://www.icaew.com/insights/tax-news/2024/jul-2024/what-might-we-see-in-the-next-budget - Budget to be delivered on 30 October
https://www.icaew.com/insights/tax-news/2024/jul-2024/budget-to-be-delivered-on-30-october
Webinar
Podcast
Panellists
- Lindsey Wicks, Senior Technical Manager, Tax Policy, ICAEW
- Stephen Relf, Technical Manager, Tax, ICAEW
- Richard Jones, Senior Technical Manager, Tax Policy, ICAEW
Producer
Ed Adams
Episode first published: 31 July 2024
Podcast recorded: 24 July 2024