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    Helping clients to maximise cash flow

    Coronavirus has led to an increased need for cash in hand. The government has deferred the second payment on account due in July 2020, but should self-employed clients automatically do this,...

    Corporation tax - Capital allowances - General principles - Cash basis - 4275

    Since 2013/14 a new method of accounting for profit has been available for unincorporated traders. The cash basis allows businesses to account for profit based on a simpler method of receipts...

    Income tax - Trading income - Sole traders - Profits - Computation of trading income - The cash basis of taxation - Introduction - 21010

    An optional alternative method of computing taxable profits is available to eligible individuals and partnerships carrying on an unincorporated business. Profits are computed on the basis of...

    Income tax - Income from UK land and property - Basis of assessment - Mandatory cash basis - 23065

    From 2017/18 onwards, all accounts for property income below £150,000 p.a. must be prepared using the cash basis rules (¶21010+), which means that profits are computed on the basis of receipts...

    Income tax - Income from UK land and property - Taxable profits - Interest - Restriction on interest deductions for cash basis taxpayers - 23490

    Where property income and expenses are recognised using the cash basis (ie in the case of taxpayers whose gross property income is £150,000 or less (¶23065)) a restriction operates to deny...

    Election to opt out of rental cash basis

    Election to opt out of rental cash basisSince 6 April 2017 rental property accounts must be prepared on the cash basis if the total of rents and other income you receive from your properties...

    Cash basis accounts - are they worth the effort?

    HMRC allows some unincorporated businesses to base their tax bills on profits calculated using the cash basis. How can you turn this administrative simplification into a tax and NI saving?

    Cash basis - decision time for some landlords

    As a landlord you might need to make extra calculations when completing your 2017/18 tax return because of the new basis for working out profit. What sort of adjustments are required and is there...

    Landlords forced into cash-basis accounting

    For 2017/18 and later years most private landlords will be expected to work out their profits using cash-basis accounting. This can make preparing your tax returns simpler, but it does have drawbacks....

    New era of cash-based taxation begins

    From April 2017, changes to the rules for reporting taxable profits on a cash basis mean that more clients will be able to use the simplified regime. What do you need to know?