Summer
2013
BusinessMatters
Thinking of becoming
self-employed?
2013 Budget highlights
Going green… and making
savings for your business
Business Round-Up
Web Watch
Reminders for your
Summer Diary
The simple life? The new cash basis
for small businesses...
More
Summer
2013
BusinessMatters
Thinking of becoming
self-employed?
2013 Budget highlights
Going green… and making
savings for your business
Business Round-Up
Web Watch
Reminders for your
Summer Diary
The simple life? The new cash basis
for small businesses
April 2013 saw the introduction of a new cash basis for the purposes of calculating tax for small
unincorporated businesses.
By simplifying the calculation of taxable income, the
objective is to give small businesses greater certainty
over the preparation of taxable income figures for their
self assessment tax return and to clarify and simplify
self assessment of business income. However, the
measures will not be suitable for all small businesses,
and certain businesses are excluded from the scheme.
Key aspects of the cash basis
The new measures allow eligible businesses to calculate
taxable income figures on a simpler cash basis, if this
suits the business. Such businesses will not have to
compute figures of debtors, creditors and stoc
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