The CIOT has published guidance indicating a more relaxed HMRC policy on the use of provisional figures when the new basis period rules are introduced:
“the Government has decided to take forward the option that would allow businesses to amend provisional figures to the normal time limits for amendments. This will effectively allow businesses and agents to amend provisional figures at the same time as the business’s following tax return.”
Formerly, HMRC guidance stated that provisional figures would have to be amended “without delay”.
HMRC’s guidance will be amended accordingly before the start of 2023-24 (the transitional year).
The letter to the CIOT also has HMRC commentary on “overlap relief” and on “communications”.