Shift to Cash Basis Accounting - Cash basis vs. Accrual basis скачать в хорошем качестве

Shift to Cash Basis Accounting - Cash basis vs. Accrual basis

HMRC switched the default tax return for the self-employed, sole traders, and some partnerships from an accrual basis to a cash basis. Shift to Cash Basis Accounting for Self-Employed and Sole Traders On the surface, the switch from accrual to cash basis accounting may seem fairly irrelevant; some may see it as a positive move. It is only when you begin to look below the surface that the potential challenges emerge. Those previously using an accrual basis before the 2024/25 tax year may need to provide additional information to facilitate the switch to cash basis accounting. Before we look at this change in more detail, it’s essential to recognise that cash basis accounting has been an option for the self-employed, sole traders, and unlimited partnership members since 2013, but accrual basis accounting was the default before the 2024/25 tax year. Wilkins Southworth is a friendly accountants practice based in Barnes, South West London. The practice has an international aspect that means we have built up a bank of experience in dealing with Double Taxation Treaties and liaising with tax offices around the world. Business Tax and Property Tax Articles and Videos Chris Wilkins is often invited to write tax and accounting articles for magazines, journals and trade publications. https://www.wilkinssouthworth.co.uk/a... Visit this section for a selection of articles that have been published in recent years. If you have questions about this or other Tax and Accounting issues then please drop a line on our web page contact section https://wilkinssouthworth.co.uk/conta... as this is the quickest way to receive a response. https://wilkinssouthworth.co.uk/conta... Wilkins Southworth Telephone: 020 8878 3949 E-mail: [email protected] *Property, Tax and Business articles* https://wilkinssouthworth.co.uk/artic... For more information please visit https://www.wilkinssouthworth.co.uk Wilkins Southworth 10-12 High Street, Barnes, London SW13 9LW