Expansion of cash basis for unincorporated businesses
[ad_1] The government has published the summary of responses to a consultation on the cash basis alongside the Autumn Statement. This announces relaxations that will allow more businesses to use this basis of taxation from 6 April 2024. Self-employed business owners and partners with trading income currently calculate their taxable income for income tax purposes […]
ICAEW supportive of expanding cash basis for the self-employed
[ad_1] ICAEW’s Tax Faculty supports the extension of the cash basis, but warns that reliance on it could jeopardise the accuracy of accounting records kept by businesses. ICAEW’s Tax Faculty has responded to HMRC’s consultation on expanding the cash basis. The cash basis is an optional regime for self-employed individuals with turnover below £150,000 to […]