Overview 

The government has announced that basis periods for income tax purposes (commonly known as ‘the current year basis’) will be abolished from 6th April 2024. From that date sole traders and partnerships will be taxed on their net profits earned for the ‘tax year basis’ i.e. from 6th April to the following 5th April each year. This is one of the biggest changes ever introduced to income tax!

Tim Palmer will go through the changes in detail, that affect every sole trader and partnership client.

Topics to be covered will include:

• The switch from the accounts year basis to the tax year basis, from 6th April 2024
• How this major change will work in practice, and the tax planning opportunities available
• The transitional year, 2023/24, enabling the change of basis periods to take place
• The abolition of the current year basis
• The spreading of transition profits
• The election to accelerate the charge
• The impact on partnerships
• The taxation of non-trading income of a trading partnership
• Foreign tax credits
• What is HMRC doing to help?
• The impact of overlap relief
• Losses considerations
• Apportionment of profits
• Provisional figures
• Practical case studies
• General overview

A thorough overview of the new rules will be given, together with illustrations of the tax planning opportunities available for sole traders and partnerships alike. Case studies will be used to illustrate the key points and the course content will be supported by comprehensive course documentation.

Tim Palmer.

Tim is a well known Tax presenter, and lectures frequently all over the UK on a wide variety of taxation subjects. He has been presenting such tax lectures for over 30 years now.

Previously, Tim was a senior Tax Manager with Howarth Clark Whitehill LLP, advising on all areas of tax and NIC for the firm to their clients. He was also a member of the tax department of P&O where he specialised in Corporation Tax and the Construction Industry, being involved in the Bovis Construction Industry tax deduction scheme within the P&O Group.

Additionally, Tim has recently written numerous articles in the tax press particularly with regard to his specialist areas of CIS, ‘self-employed status issues’, NIC and PAYE matters, stamp duty land tax, and the tax benefits of businesses switching to electric vehicles.

Tim lectures on most areas of tax, including IR35 and CIS, which are his particular specialties, both in lecturing and in practice. He also specializes on R&D and provides advice on tax investigations.

Tim is currently the Senior Partner of Palmer Consultancy Partnership. He is also a tax consultant with the London firm of chartered accountants, Arram Berlyn Gardner (ABG).

2 CPD units

1 hour of learning = 1 unit of CPD.

ACCA members can use this learning to meet their CPD requirements provided it is relevant to their career. If the event contributes to general knowledge and skills, it should be recorded as non-verifiable CPD. If the learning can be applied in the workplace, it will contribute to verifiable CPD.

Fee: 60 GBP + VAT (72 GBP) per delegate

Please note: If you are unable to join the live webinars, they will be available on-demand 24 hours after the live webinar ends and you will have access to the sessions for 12 months.

The webinar handout material will be available on the webinar platform when you log in to view, 15 minutes before the live webinar start.

If you wish to view or download handout materials, before the day of the webinar, they will also be available through your document library on https://events.accaglobal.com.

This event is organised by ACCA UK Continuous Learning Team.

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