HMRC have revised their guidance on using the basis period reform calculator to work out transition profit. On 31 October 2024 the guidance had been updated to advise that the transition profit calculator could not be used if the business was a partnership. It has now been further updated to confirm that the calculator can be used for partnerships (for partnership trading profits only – transition profit does not apply to other partnership income).
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HMRC have revised their guidance on using the basis period reform calculator to work out transition profit. On 31 October 2024 the guidance had been updated to advise that the transition profit calculator could not be used if the business was a partnership. It has now been further updated to confirm that the calculator can be used for partnerships (for partnership trading profits only – transition profit does not apply to other partnership income).
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
