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.

The post Understanding Basis Period Reform for Self-Assessment Tax in the UK appeared first on Taxfile.

HMRC issues tax returns each year to those who meet the criteria; you may be self-employed or a higher earner from employment income. The tax return software available online will calculate your tax liability if you fancy giving it a try yourself. However, most people use accountants and tax advisors who might, in their wisdom, be able to save you money and in some circumstances give you guidance and good advice. Indeed, Taxfile can help in all these areas and we explore this in today’s article.

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You can now get tax planning and tax advice from Taxfile. We have highly experienced senior accounting staff who can give you the right tax advice when you need it most — for example, when your circumstances are changing, if you've had trouble keeping on top of your tax commitments and need to bring things up to date, or perhaps a friend or relative simply needs a bit of reassurance with regard to their tax situation. Perhaps you have assets or income abroad as well as income in the UK and want to make sense of your tax position. Or, perhaps you have recently made a tidy profit trading crypto coins like Bitcoin and want to know where you are from the standpoint of Capital Gains or Income Tax. Maybe you need to disclose income from property rental that you have previously not told HMRC about (more about that in a later post). Those are all examples of typical situations where our new Professional Tax Advice and Tax Planning services can help you to see the wood from the trees.

A Free Telephone Consultation

In the first instance, we are inviting clients to speak for just 15 minutes with one of our resident tax planning experts. This will be in the form of a free, introductory telephone call, perhaps in February or March if it suits you. We can then see what's needed and take it from there. We can, of course, discuss any costs with you before you commit to anything further, and there is no obligation.

Whether it's about labour taxes, investment taxes, business taxes, disclosures to HMRC or even professional help to support you during an HMRC tax investigation, we can make sense of all the options for you and — in a fair and ethical way — help to make sure you are paying no more tax than you should do. With decades of experience in accountancy and tax planning, we know exactly what's what when it comes to tax, so can definitely help you. Call 0208 761 8000 to arrange your free 15 minute telephone appointment with a tax expert, at a mutually convenient time. Alternatively,

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