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...

    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,...

    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?

    Cash basis extended and limits raised

    HMRC has recently announced changes to the cash basis for accounting taxable profits. What are they and can you take advantage?

    Simplified accounting to reduce your tax bill

    If your business meets the conditions, you can use simplified accounting for tax purposes. It might even lower your tax bill. Is this something you should consider?