Source – HMRC

From April 2024, if you are self-employed or in a trading partnership, you will have to report your profits on a tax year basis. 

If you do not already do so, you will need to declare your profits from the end of the previous accounting period in 2022 to 2023 up to 5 April 2024.

Any additional profit, after overlap relief will be transitional profit.

By default, you will only need to pay this over the next 5 years including 2023 to 2024.

Accounting periods ending on 31 March will now be treated as equivalent to those ending on 5 April.