Impact of basis period reform for farmers

There has been much discussion and debate with regard to the proposed basis period reform as part of making tax digital for income tax self assessment (MTD ITSA) in particular for those in seasonal industries who deliberately have non coterminous year ends and for whom the proposed changes are expected to affect their tax position the most. With the announcement that MTD ITSA has been delayed until 2024 so have the proposals for the changing of basis periods. Considering that there still appears to be many finer details to be ironed out this is a sensible move. However while 2024 now seems a long way in the future extra time does mean that accountants and their clients still need to consider the position if their year end is not coterminous with the tax year and to start factoring the impact into any decision making. It is...