Thank you 2003bluecat for your kind and very informative response, it is very much appreciated. I can see now why I may well need to use a professional accounting firm for accrual basis accounts.
As for MTD, for both tax and VAT most I;ve looked at seem very simple to use for my current cash-basis accounting, although the huge range of software options is a little daunting and it's difficult to figure out which option is best suited to your particular circumstances.
Thanks again,
Tim.
Thank you. Actually we don't plan on any further expansion as we are a husband and wife team working from home, we are now at full capacity and we don't wish to employ staff. I was really hoping to continue doing my own tax returns, according to HMRC we don't need a balance sheet so I just need to know what else I need to do that I'm not doing under cash-basis...
My answers
Thank you 2003bluecat for your kind and very informative response, it is very much appreciated. I can see now why I may well need to use a professional accounting firm for accrual basis accounts.
As for MTD, for both tax and VAT most I;ve looked at seem very simple to use for my current cash-basis accounting, although the huge range of software options is a little daunting and it's difficult to figure out which option is best suited to your particular circumstances.
Thanks again,
Tim.
Thank you. Actually we don't plan on any further expansion as we are a husband and wife team working from home, we are now at full capacity and we don't wish to employ staff. I was really hoping to continue doing my own tax returns, according to HMRC we don't need a balance sheet so I just need to know what else I need to do that I'm not doing under cash-basis...