What is the CASH BASIS for UK self assessment tax?
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- Опубліковано 23 тра 2022
- The cash basis is a simplified method of accounting for income and expenses for small self employed businesses. In today's video i'll help you to understand what is the cash basis and also how to apply it to the self assessment tax return.
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I wish that the Tax instructions were as clear as this! Thank you very much.
Short, concise and clean explanation. Wish that this was in my Accounting module at Uni. Thanks Adam!
Good point :)
This is so helpful, thank you!
Very clear. Thanks a lot!
As a small business doing mainly freelance work Cash Basis gave me the ability to dispence with accountants and do my own tax returns. All good.
thanks for the tut, soo helpful!!
Thank you. Very helpful
Very clear, thank you.
Excellent thank you so much
Brilliant thank you so much :)
Thank you very much!
Very clear and extremely helpful
Glad it was helpful!
Many thanks! I think this clarifies my doubt... i.e.: someone does little work in 22-23 compared to 23-24 so if one invoice was sent & paid on May 23 for work done in Jan 22 then it may be best to use the Traditional Basis so that it's added to the 22-23 assessment rather than to the 23-24 when perhaps a higher tax threshold is reached.
Just watched your "declare rental income" video (very useful thank you), you suggested watching this video to support. A question if possible, using the cash basis method how does it work if ive paid an electrician (for example purposes) for him to buy all the materials he needs in one tax year but i receive his invoice in the next tax year when he'scompletedthe job. Should i be splitting the receipt across two tax years or can I claim the whole cost in the tax year i received the full invoice/receipt (understanding I paid some of the invoice upfront in the previoustax year)? Many thanks 😊
Would have been more useful to state the turnover qualification at the beginning of the video but otherwise a clear and concise explanation.
Ok ok so now ur speaking my language lol im familer with spreadsheets.
So as a new self employeed person earning only youtube money and careers allownce i total ONLY the monthly incomes of both of these on cash basis as i dont invoice for anything. If im right i can set this up right away so im ready to fill in my report at the end of the year.
If u earned £6.916. from last November to this February do u still have to pay your tax if not been self employed since February and don't have job
I work full time and have a property for rent any guides on how to fill tax return on this please?