If this is you, there is the likely option for you to declare income and expenditure on the cash basis from April 2013, and at the same time claim some expenses on a flat rate basis (even using estimates for small items).
This idea may not necessarily be good news for you, as there will be plenty of losers as well as winners. We will discuss this with you nearer the time as matters progress. We will also help you choose the best option, taking all factors into account including circumstances when you might need to have a full set of accounts produced for non-tax reasons.
Business turnover below £77,000?
News: May 2012
Business turnover below £77,000?
If this is you, there is the likely option for you to declare income and expenditure on the cash basis from April 2013, and at the same time claim some expenses on a flat rate basis (even using estimates for small items).
This idea may not necessarily be good news for you, as there will be plenty of losers as well as winners. We will discuss this with you nearer the time as matters progress. We will also help you choose the best option, taking all factors into account including circumstances when you might need to have a full set of accounts produced for non-tax reasons.
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