The change to 31st March year ends

As per MTD, the government have announced, with virtually no consultation with the profession, the proposal to change partnerships and sole traders year end to 31st March. This is no doubt to facilitate further computerisation in due course. So. We are where we are and will have to deal with the issue that has now arisen. The 2023/24 year is the designated transition year and currently the taxpayer has the option of estimating profits, or changing to a 31st March year end if not already the case.

We will obviously address this on an individual basis, but suspect that the advice will be to change to 31st March as we suspect this will become mandatory in time anyway. This only applies to unincorporated bodies. Limited Companies are unaffected.

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