Moving to the Cash Basis of Accounting (Dec 24)
Category: Tax | Duration: 2hrs | Tag: VODWITXUK24D1S2 | Type: Video | Course Level: Intermediate | Speaker: Carl Bayley | Date: 10/12/2024 12:10
From 2024/25 onwards, the cash basis of accounting has become the default method of accounting for tax purposes for most sole traders and partnerships. Many will benefit from its simplicity, but the process of moving to the cash basis is far from simple, and there are still a few pitfalls that mean, for many businesses, it will make sense to opt out and stick with traditional accruals basis accounting. In this session we will look at the process of moving to the cash basis, the planning opportunities available, and the traps to avoid.
In this session Carl Bayley covers the following topic:
Carl Bayley