Basis period reform changes

Answers to six questions that accountants have

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Basis period reform marks a significant shift for you and how some of your clients pay their taxes.

In this article from Sage, get answers to questions that you as an accountant and the team at your practice may have around the reform, who will be affected and what it means for Making Tax Digital for Income Tax Self Assessment.

Here’s what Sage covers:

  • what is basis period reform?
  • answers to these six questions on basis period reform:
  1. When is the basis period reform happening?
  2. Who will be affected by the basis period reform?
  3. How does basis period reform relate to Making Tax Digital?
  4. How will transitional profits impact payments on account?
  5. Should we align our clients’ VAT quarters to the tax year?
  6. How will transitional profits impact adjusted net income for the purpose of things such as the high-income child benefit charge?
  • Final thoughts on basis period reform.

Read the article now