profit & loss Archives | Taxfile https://www.taxfile.co.uk/tag/profit-loss/ Tax advice & accounting services for South London businesses & SMEs Thu, 12 Jun 2025 12:22:37 +0000 en-GB hourly 1 Basis Reform and Spreading https://www.taxfile.co.uk/2024/01/basis-reform-and-spreading/ Tue, 02 Jan 2024 15:56:32 +0000 https://www.taxfile.co.uk/?p=7456 Basis Period Reform and Spreading of Tax Over Multiple Years
As of April 6, 2023, the Self-Assessment (SA) for income tax has undergone a significant transformation, known as Basis Period Reform.  This change aims to align the taxation of business profits with the standard April-April tax year, rather than any other accounting periods that may have been required by the taxpayer.

While the transition to the new basis period has introduced certain complexities, it also presents opportunities for businesses to manage their tax liabilities more effectively. One such opportunity lies in the spreading of tax arising from transitional profits.

Transitional profits refer to the profits that arise from the transition between the old and new basis periods. These profits can be spread over

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]]> Understanding Basis Period Reform for Self-Assessment Tax in the UK https://www.taxfile.co.uk/2023/12/basis-period-reform-for-self-assessment-tax-uk/ Thu, 21 Dec 2023 15:25:21 +0000 https://www.taxfile.co.uk/?p=7360 Understanding Basis Period Reform for Self-Assessment Tax in the UK

Are you a sole trader or in a partnership? 

Do you have different accounting dates from the standard 6th of April to the 5th of Apri?

If you answered YES to both questions, some IMPORTANT changes will apply for the tax year 2023-24.

The concept of the basis period determines the time frame used to calculate taxable profits or losses for self-employed individuals, partnerships, and some trusts.  It marks a departure from the traditional "current year" basis, where business profits were taxed based on the accounting period ending within the tax year. Instead, it introduces a "tax year" basis, aligning taxable profits with the UK's standard tax year, running from 6 April to 5 April.

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