BIM81250 | Transitional rules: trades commencing before 2023-24 (continuing trades) - introduction
From HM Revenue & Customs · Business Income Manual
The guidance from onwards sets out the transitional rules for continuing trades (trades not commencing or ceasing in 2023-24).
The basis period for 2023-24 for a trade commencing before 2023-24 (and not ceasing in 2023-24) will start on the day after the end of the basis period for 2022-23 and will end on 5 April 2024.
The basis period will comprise up to three components:
the standard part
the transition part (where applicable)
days following a late accounting date (where applicable)
The diagram below illustrates this:
| Basis period for 2023-24 | ||
|---|---|---|
| Standard part | Transition part | Days following late accounting date |