Welcome to June’s Tax Tips & News, our newsletter designed to bring you tax tips and news to keep you one step ahead of the taxman.Read More
Please find below all the articles from June 2022.
Those businesses that have struggled through the pandemic may find that when they come to do their accounts where usually there is a profit, the business made a loss. Whether and how that loss can be utilised depends on whether the accounts are prepared using the ‘cash basis’ (recording revenue when cash is received, expenses when they are paid) or the ‘accrual basis’ (recording revenue when earned and expenses when incurred).
The ‘cash basis’ is how many businesses with turnover of less than £150,000 prepare their accounts. This method…Read More