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Basis Period Changes

Basis Period Changes

Return your records to us as soon as possible

Following the changes to the Basis Period Reform that we covered in our Spring newsletter, we would like to remind clients to submit your accounts and personal tax records to us as soon as you are able – sooner, rather than later!

We are anticipating additional workloads this year due to the Basis Period Reform changes that are now coming in to effect and with clients moving to a 31 March or 5 April year-end.

We continue to review HMRC’s guidance around the reforms and changes and will provide updates with proactive, and hopefully easy to understand advice where required.

In the meantime, if you would like to discuss or clarify any issues relating to Basis Period Reform, please do not hesitate to get in touch.

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News and Events

Staff & Community News

At GWA, we are always proud to support and engage with the vibrant communities across Berwick-upon-Tweed, North Northumberland, and the Scottish Borders. These past few months have been no exception, with our team actively involved in a wide range of local events and initiatives.

MGTS Qualis Funds – Performance Update

The MGTS Qualis Funds entered 2026 with strong momentum following an impressive 2025. A defining theme across both portfolios has been disciplined diversification, with performance driven by a broad range of uncorrelated positions rather than dependence on any single macroeconomic call.

Budget Overview for both the UK and Scotland

Chancellor Rachel Reeves’ second Labour Budget was delivered in late November 2025 amid lots of speculation as to possible tax changes and given the backdrop of the significant changes made in the previous year.

Making Tax Digital for Income Tax

As we move into spring and edge closer to April 2026, the upcoming changes under Making Tax Digital for Income Tax are becoming increasingly important for individuals with trading or property income.