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<p>Basis period reform is an important simplification to the tax system. The government
introduced this reform in Finance Act 2022 to create a simpler, fairer, and more transparent
set of rules for the allocation of self-employment and partnership income to tax years.</p><p>
</p><p>The reform simplifies tax computations for businesses, making it easier to
complete self assessment tax returns and reducing administrative burdens. Basis period
reform has no effect on the availability of accounting resources for the self-employed
or partnerships.</p>
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