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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

Spring Statement 2025 – Review

Yesterday, Chancellor Rachel Reeves delivered her Spring Statement. We have sifted through the details and hope the following review, which we feel will be the most significant to our clients, will be helpful.

HMRC to close their online accounts and tax filing service

HMRC have issued guidance confirming that from 31 March 2026 their online filing service for company accounts and tax returns will close.

Side hustle sales threshold raised to £3,000

Further information has been released by the Government on the increase in the trading allowance rate and when this will come into effect, but beware; the £3,000 is not a tax relief increase, only an administrative increase.

What happens if you can’t pay your tax bill?

If you are a taxpayer and you are concerned that you cannot pay your tax bill on time, you have the option to set up an online “time to pay” arrangement with HMRC.  This means you can spread the cost of you tax bill over a period of 6-12 months, helping improve cash flow.