Basis period reform: HMRC announces delay in release of online form for overlap profits
By Chris Campbell, Head of Tax (Tax Practice and Owner Managed Business Taxes)
24 August 2023
Following initial testing, HMRC has announced a delay in the release of the online form for information on the overlap profits of an unincorporated business affected by basis period reform.
Following our recent update on basis period reform, we have now received further details from HMRC about the online form, known as a g-form, which will enable tax practitioners to obtain details of the overlap profit figures for their clients.
The new form will allow tax practitioners to calculate the 2023/24 taxable profit or loss for their clients affected by basis period reform. By introducing this online form, HMRC will be able to direct requests to a dedicated team, meaning that tax practitioners should receive a prompter reply than general post.
New date for the g-form
This form was due to go live on 29 August 2023, but HMRC has been able to refine the form following some feedback received following some initial testing. The form will now go live on 11 September 2023.
The previous August launch date was publicised in recent editions of Agent Update and Employer Bulletin. HMRC will be updating the dates in gov.uk to reflect the new timescales. An email has also been sent to those agents who receive Agent Update.
Full details on the online form will be updated on our website once the g-form is available.
Tax practitioners who need to obtain details of overlap profit figures before the launch of the g-form can still request them by the usual channels. However, given the fact that the g-form may provide a prompter response, it may be worth waiting until the launch on 11 September.
Let us know your views
Please share your feedback on the implementation of basis period reform and how it will affect you and your clients.
More generally, we also welcome members’ input to inform our work on consultations or other tax-related matters – email us to share your insights and feedback. ICAS responds to many tax calls for evidence and consultations, as well as producing tax policy papers and reports. We also regularly attend meetings with HMRC at which service levels, delays and other issues are discussed, and we raise problems being encountered by members.
