Basis Periods and Overlap Relief

System
System Posts: 100,534 🤖 Admin 🤖
edited June 18 in AAT member discussion
Does anyone know if the HMRC Tax Return software works out overlap relief or not? My client wants to change his tax year and this will mean an 18 month year.

Comments

  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Basis Periods and Overlap Relief

    No, the Revenue software won't know whether you have a 6 month overlap or a 9 month overlap unless you tell it! While it is easy enough to work the overlap out in months, it still won't know how much the overlap will be.

    You should have a memo of it separately and make the appropraite claims on the return.

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Basis Periods and Overlap Relief

    Just to add;

    Depending on when your client started trading you may find you have transitional relief. These rules happened in 1997/98.

    Regards

    Dean
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Basis Periods and Overlap Relief

    Thanks. You really know how to confuse someone. :roll: :D
  • System
    System Posts: 100,534 🤖 Admin 🤖
    Re:Basis Periods and Overlap Relief

    Any problems, just ask. :)

    Regards

    Dean

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