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Budget 2021 | "not mentioned in the Chancellor’s speech was confirmation from HMRC that Basis Period Reform will go ahead"

27/10/21

Christine Cairns, tax partner at PwC, said:

“Published in the Budget documents, but not mentioned in the Chancellor’s speech, was confirmation from HMRC that Basis Period Reform will go ahead. The reform will provide the Treasury with a boost of £1.7 billion in the first four years, through the acceleration of tax collection.

“Impacting the self-employed and partnerships, this was billed as a way to introduce simpler, fairer and more transparent rules. However, as acknowledged in the policy paper, this will introduce complexities for any businesses that do not have a 31st March accounting year end. In particular, there will be complexities for international businesses when considering the interaction with overseas taxes.

“These businesses will be concerned about the cost of implementing the changes and the increased complexity of the annual tax compliance process.” 

Ends.

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