I act for a partnership which has a trade and also receives rents from an investment property. The last accounts were prepared to 30 September 2022. Accounts will be prepared for the 18 months to 5 April 2024. How will the rental income be assessed under basis period reform? Is spreading available?

The 2023/24 tax year is a transitional year under basis period reform. From 2024/25 onwards, trading profits of sole traders and individual partners in partnerships will be assessed on a tax year basis (Finance Act 2022 Sch 1 Part 6 para 61).