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HM Revenue & Customs (HMRC) have released their 'Consultation outcome: Basis period reform'. The responses cover the proposed changes to the basis period rules which affect unincorporated businesses. The proposal to align the tax and accounting years for unincorporated businesses will be included in Finance Bill 2022.

The Consultation responses are summarised as follows:

Next steps

Useful guides on this topic

Accounting periods and tax basis periods
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Consultation: Income Tax Basis Period reform
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Call for evidence: Basis Period Reform
The House of Commons' Finance Bill Sub-Committee has issued a call for evidence seeking views on the draft legislation published in Finance Bill 2022 for the Reform of Basis Periods and the Uncertain Tax Treatment provisions.

External Links

Consultation outcome: Basis period reform

Consultation: Basis period reform


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