Basis period reform - HMRC write to unrepresented taxpayers

Basis period reform represents a major change in how the trading profits of unincorporated businesses (such as sole traders and members of partnerships) are calculated for income tax purposes. In particular, those businesses with a year-end other than 31 March or 5 April face increased admin burdens and potentially temporary increases in their tax bills.

In the week commencing 19 February, HMRC have started sending out letters to those taxpayers who they believe may be affected, but don't have an agent. A copy of this letter can be found here.

More information on basis period reform can be found in our dedicated FAQs.