I appreciate that this forum is primarily for accountants (I do read the forum in case I find any useful information but I am not personally an accountant) so please feel free to ignore but I am asking this more out of curiosity than anything.
When MTD is imposed on sole traders...what would happen to someone (like me) who uses the accrual basis but, as they bill/are paid in a foreign currency, do not know their precise figures until the date on which payment is received? Some clients pay up to 60 days after the invoice date. Would I be forced to switch to the cash basis?
Will there be a workaround?
Thanks for any ideas.