Sole Traders and Partnerships changes to Self-Assessment for sole traders and partners whose accounting year does not end on or between 31 March to 5 April.
Reporting profits on a tax year basis
All sole trader and partnership businesses must now report their profits on a tax year basis, beginning with the Self-Assessment return due by 31 January 2025 (covering the tax year 2023 to 2024) and going forward.
Any business that previously had a different accounting period must declare profits from the end of the previous accounting date in 2022 to 2023 up to 5 April 2024, with the additional profit (after overlap relief) being transitional profit. The transitional profit will be spread by default over 5 years including 2023 to 2024. Accounting periods ending on 31 March will now be treated as equivalent to those ending on 5 April.
- Get more information on Basis Period Reform
- Get Help with your Overlap Relief Figure
Find further guidance and support for basis period reform on GOV.UK or contact ANY ACCOUNTING today.
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