It was confirmed in the 2021 Autumn Budget that the blanket change requiring sole traders and landlords to declare profits on a tax year basis will be introduced from April 2024; general partnerships will not be required to enter the system until April 2025. This was a topic we wrote about in September and this latest article explains exactly what is happening and the implications.
For the time being, if you have a business operating as a partnership or unincorporated entity, you can calculate your profits according to either a current year basis based on your choice of accounting period or the tax year, from April to April. This will be changing. (more…)