There is very serious concern that the self-employed are unaware of an HMRC rule change on reporting profits, The change, known as Basis Period Reform, will affect 528,000 sole traders and partnerships whose accounting years don’t end on April 5 or March 31. From April 2024, they’ll have to report their taxable profits to HMRC up until April 5, even if their accounting year ends at a different time. the change has not been widely publicised, so businesses without tax advisors may simply not know of the new rule. The idea is that businesses are transitioning in the 2023/24 tax year – and the government will be charging more than 12 months’ worth of profit. That means there will be a need to report profit from the day after an accounting year end in 2022/23 up to April 5 2024. The start of the policy was pushed back from April 2023 to April 2024 following a backlash from business and tax professionals.