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Taxable income - Switching to the cash basis

Taxable income - Switching to the cash basis  Many small, unincorporated businesses choose to use the 'cash basis' for working out taxable income. Under this method, participants w...
/news/taxable-income---switching-to-the-cash-basis-.htm

Cash Basis for Small Businesses

Cash Basis for Small Businesses The cash basis was also mentioned in the 2013 Budget announcements, but now we have some more details. In an attempt to simplify accounting and tax reportin...
/news/cash-basis-for-small-businesses.htm

Cash Accounting Scheme

Cash Accounting Scheme Usually VAT is payable when an invoice is issued. In contrast, using the Cash Accounting Scheme, you do not need to pay VAT until your customer has paid you. But you a...
/vat-advice/cash-accounting-scheme.htm

Spring Budget 2017 - Increasing the cash basis entry threshold

Increasing the cash basis entry threshold   As announced in January 2017, the trading cash basis threshold for unincorporated businesses is to be increased to £150,000 for 2017/1...
/news/spring-budget-2017---increasing-the-cash-basis-entry-threshold.htm

Spring Budget 2017 - Simplified cash basis for unincorporated businesses

Simplified cash basis for unincorporated businesses   As announced in January 2017, the government will legislate in Finance Bill 2017 to provide a simple list of disallowed expenditur...
/news/spring-budget-2017---simplified-cash-basis-for-unincorporated-businesses.htm

Spring Budget 2017 - Simplified cash basis for unincorporated property businesses

Simplified cash basis for unincorporated property businesses   From 6 April 2017, most unincorporated property businesses (other than limited liability partnerships, trusts, partnershi...
/news/spring-budget-2017---simplified-cash-basis-for-unincorporated-property-businesses.htm

Digital payments: Combats tax evasion where use of cash is declining

Digital technology has revolutionised the way people shop, sell, and save, and people are increasingly moving away from using cash. According to government research, cash has fallen from being...
/news/digital-payments-combats-tax-evasion-where-use-of-cash.htm

Spring Budget 2017 - Businesses

Businesses Making Tax Digital for Business The provisions for the government's Making Tax Digital project will be legislated for in Finance Bill 2017. However, the mandatory start date ...
/news/spring-budget-2017---businesses.htm

Q. I am a sole trader providing IT consultancy services...

Q.  I am a sole trader providing IT consultancy services to customers. I am registered for VAT. Can I use the cash accounting system for paying VAT and do I need to apply to HMRC to use it? ...
/news/q--i-am-a-sole-trader-providing-it-consultancy-services.htm

Q. Due to cash flow difficulties I have not yet paid my self-assessment...

Q. Due to cash flow difficulties I have not yet paid my self-assessment payment on account, which was due on 31 July 2018. I realise that I will have to pay interest on the amount outstanding, but ...
/news/q-due-to-cash-flow-difficulties-i-have-not-yet-paid-my-self-assessment.htm

Tax Efficient Investments

Tax Efficient Investments   Most allowances for tax efficient investments are fixed for each tax year and cannot be carried over to the next year if not used. If you have money to inve...
/news/tax-efficient-investments.htm

ATTN. DIRECTORS - Checking directors' expenses

ATTN. DIRECTORS - Checking directors' expenses As 31 March approaches, many companies will be getting ready to tie up tax matters for their financial year-end. Now is the time to ensure tha...
/news/attn-directors---checking-directors-expenses.htm

VAT Treatment on goods from another UK company

Q. My business manufactures and supplies seasonal novelties and is registered for VAT in the UK using the cash accounting scheme. We have recently won a large order for goods from another UK compan...
/news/vat-treatment-on-goods-from-another-uk-company.htm

Spring Budget 2017 - Individuals

Individuals Personal allowance and income tax threshold The personal allowance for 2017/18 is set at £11,500 (£11,000 in 2016-17), and the basic rate limit will be increased to ...
/news/spring-budget-2017---individuals.htm

Business Record Checks

Business Record Checks HMRC apparently believe that anyone who does business in cash must be a potential 'tax cheat'. This is ridiculous of-course, but the latest business record c...
/news/business-record-checks.htm
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