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partnerships

How will the basis period reform affect your business cash flow from the 2024-25 tax year?

The new rules will not change the accounting period of the business, however the tax position will move from a current year basis to a tax year basis. This will mean that  business profits will be calculated for the tax year rather than for the period of account ending in the tax year. 

Will your unincorporated business be affected for basis period changes in 2023/24 – Transitional year

The basis period rules for unincorporated businesses are being changed from the 6 April 2024, with a transitional year of the 2023/24 tax year.

Charitable donations by partnerships - is Gift Aid available?

Since 6 April 2016, individual partners have had to make their own Gift Aid declarations when a partnership makes a donation to a charity or CASC. This reflects the correct legal position that each partner has made a donation. Each partner’s Gift Aid declaration must contain their name and full home address and be given to the charity or CASC.