Cash basis by default

Cash basis by default

From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and...
Cash basis to replace accruals

Cash basis to replace accruals

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting).