The new online form will allow unincorporated businesses and their agents to request the information HMRC holds on the overlap relief available to them on transition to a tax year basis of taxation from 2023/24 or earlier.

Currently, if sole traders, partners or agents wish to obtain overlap information from HMRC, they need to call or write a letter, which can take time for HMRC to process. The online form should speed up delivery and allow businesses and agents the information they need more quickly.  

It may prove more efficient to wait for the online form, as HMRC is also establishing a dedicated team to deal with these requests. 

The form may be used to request information for whichever tax year a change of basis takes place in. For example, a business with an accounting year end outside of the 31 March to 5 April window may decide to align its accounting year with the tax year in 2022/23. If it doesn’t, it will be moved onto a tax year basis of taxation by default in the transitional year 2023/24. Either way, a transitional profit or loss is likely to be created and overlap relief can be used to off-set any transitional profit. 

The form will be launched on 29 August 2023 and will be made available via the website. 

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