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Expanding the cash basis

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Published: 18 Apr 2024

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This webinar from the Tax Faculty will run through the basics of the cash basis and what is changing from 6 April 2024.
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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 it 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.

In particular this webinar looks 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 watch 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.

This webinar could contribute up to 1 hour of verifiable CPD, so long as you can demonstrate that the content is relevant to your role. Find out more.

*This webinar has been recorded with closed captions enabled. In order to enable or disable the feature on the recording, please click on "CC" icon at the bottom right of the screen. Please note that the transcript is automatically generated and errors may occur.

Broadcast 18 April 2024

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