Overlap Relief Online Form Delayed Until September 11
HMRC has postponed the launch of the online form for overlap relief requests from August 29 to September 11.
The delay is due to the need for further refinements to the service. This form would enable taxpayers to request information about overlap relief, making the process more convenient. Currently, taxpayers have to call or write a letter to obtain this information from HMRC, which can be time-consuming.
Overlap relief is part of HMRC's preparation for the basis period reform, which will require taxpayers not aligned with the tax year to switch to the new tax year basis from 2024/25.
Taxpayers and agents waiting to request overlap relief details from HMRC will need specific information, including customer name, unique taxpayer reference (UTR), business details, and more.
The delay was not unexpected, as the initial August 29 launch date seemed speculative. Access to overlap figures is crucial for calculating assessable profits during the transition year to the new tax year basis in 2023/24.
Contact us for more information.
London: 020 7060 1811
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