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Cash Based Accounting

Cash Based Accounting

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Does anyone know whether the new cash based accounting system can be used for years other than those ending in the first instance on 31 March 2014?

In other words, if the taxpayer's year ends on 30 September 2013, can cash accounting be used for the period from 1 April 2013 to 30 September 2013 with the prior 6 months effectively winding up the accruals part of the calculations?

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By Steve Kesby
07th Apr 2014 18:07

You can apply it...

... for the whole of the basis period that ends in 2013/14, ie from 1 October 2012 to 30 September 2013.

You need to exclude any receipts or expenses that were included in the September 2012 accounts on an accruals basis.

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By thomas34
08th Apr 2014 08:16

Thank you Steve.

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