Basis Period Reform - online tool to request overlap relief delayed

We reported last month that HMRC are creating an online tool to allow businesses, the self-employed and their agents to request details of overlap profits where that data is held by HMRC. 

The 'g-form' tool has been undergoing small-scale testing in advance of its intended launch on 29 August 2023. Unfortunately, HMRC have advised the public launch of the service will now be delayed until 11 September to resolve issues that have been highlighted during testing.  Anyone looking to confirm overlap figures in advance of 11 September can request them from HMRC by letter or phone, although postal and processing delays are likely to mean it is better to wait for the online service. 

Our news report from last month regarding the g-form tool details how the service will work and contains a reminder of why overlap relief is particularly relevant to the 2023/24 tax year, as part of the transition to profits being reported on a tax year basis for the self-employed and other unincorporated businesses.