Changes are coming for sole traders and partnerships that do not have a tax year ending 31st March or 5th April. If you have a different year end this guide is for you!
Currently unincorporated businesses are subject to tax on profits earned within their accounting year which can be various points in the year. However, with the new Basis Period Reform from the tax year 24/25 unincorportated businesses will pay tax based on the profits earned during that tax year.
If you are an unincorporated business with a tax year end other than 31st March or 5th April please contact us or your current accountant to discuss. This is the transition year and some quick tax planning may need to be done!
For more information or an initial meeting give us a call on 01332 292022 or drop us an e-mail to advice@cedarandco.co.uk
