Cash basis cessation

Cash basis

Didn't find your answer?

I took over a sole trader on the awful cash basis recently.  For various reasons the business is ceasing.  Do I add closing debtors and the exit value of his commercial vehicle to income and can I claim overlap relief as in a normal cessation?

Replies (1)

Please login or register to join the discussion.

RLI
By lionofludesch
26th Mar 2020 15:05

Yes and yes.

Cessations can lead to big tax charges in the final year.

Thanks (0)