The Cash Accounting Conundrum
You may already be aware of the Chancellor’s announcement in the Autumn Statement to expand cash basis accounting from April 2024.
One of its primary aims is to encourage sole traders and partnerships to adopt the cash basis (as opposed to the accruals basis) as the default method for calculating profits for trading income. This radical shift in approach raises a number of important questions for both accountants and their clients, which we will explore in our latest must-attend webinar.
Key talking points include:
What exactly does the new legislation say?
The less obvious implications for you and your clients
Cash basis vs ‘traditional’ accounting (a refresher)
Transitional rules and arising complexities
How the cash basis rules intersect with MTD and basis period reform
What all this will mean to you from April 2024 and beyond