Income tax - Trading income - Sole traders - Profits - Computation of trading income - The cash basis of taxation - Allowable expenses - 21040

    Except as noted below, all payments made wholly and exclusively for the purpose of the business are deductible. This includes such items as: - wages; - purchases of stock; - purchase, improvement...

    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...

    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?