Tax Zone

Welcome to the Tax Zone. This area of the site is dedicated to keeping you updated on changes to tax legislation and its effects on financial planning. Here you will obtain detailed analysis on the budget, hints & tips and planning opportunities resulting from any changes made. This is intended to be a valuable resource for all our clients who wish to keep up-to-date and have a desire to take control of their financial affairs.

The Partnership always acts in the best interest of our clients. We work hard to ensure you receive the right advice and information enabling you to make the decisions that are best for you.

The content on this website is purely for information purposes only. Decisions should not be taken based solely on the content of the website and advice from a suitably qualified individual should be sought first.

Income tax calculated on a cash basis

From this tax year onwards, some small businesses are allowed to calculate their income tax based upon a cash basis. This may be beneficial for those who have fluctuating debtors (customers who owe you money) as you will only be paying the tax when you have received the cash.

The original intention of this change by the government was to simplify the tax regime and make it easier for businesses to budget for their tax liabilities. We support this very strongly, however, what was meant to be simple has in fact become very complicated with many accountancy practitioners refusing to prepare financial statements in this method.

We will be helping clients with this but would recommend caution before applying these new rules. We always act in the best interests of our clients and we give them the necessary advice to assist them in making their decision.

The GOV.UK website has prepared a very useful and easy to understand guide to the new tax system. To browse through the guide, please click HERE.

Feel free to contact us or request a call back on the site if you wish to discuss any of these issues.

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