The cash basis of calculating self-employed taxable profits is expanding from 6 April 2024.
A wider range of businesses will be able to use this basis for income tax purposes from the tax year 2024/25 onwards and will become the default position for most businesses going forward. If your clients have previously been ineligible to use the cash basis, you might find it useful to get yourself up to speed so you are able to advise them on the implications of transitioning to this basis in the future.
This webinar runs through the basics of the cash basis and what is changing from 6 April 2024.
In particular we look at:
- who will be eligible (or not eligible) to use the cash basis from 6 April 2024;
- the pros and cons of transitioning from accruals to the cash basis;
- the transitional rules applicable when transitioning from one basis to another; and
- the interaction between the cash basis and Making Tax Digital for income tax.
Note: No prior knowledge of the cash basis is required to attend this webinar, although it will be assumed that all attendees understand at least the basics of accruals accounting, the trading profit rules for income tax and HMRC's plans for Making Tax Digital.
Broadcast 18 April 2024
