Accounting Standards
ICAEW supports expanding cash basis for the self-employed
The faculty notes that the cash basis is of most relevance to smaller businesses with turnovers of less than £30k that tend to not have significant accruals or prepayments
The ICAEW’s tax faculty has voiced its support to extend the cash basis for the self-employed, but warned that reliance on it could jeopardise the accuracy of accounting records kept by businesses.
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