The following Owner-Managed Businesses guidance note by Tolley in association with Julie Butler provides comprehensive and up to date tax information covering:
From 2013/14 onwards, eligible individuals carrying on a trade, profession or vocation as self-employed sole traders or in partnership with other individuals may elect to use the cash basis to calculate the profits of the trade etc. instead of using the accruals basis . The main criteria is that annual turnover does not exceed the higher of £300,000 or double the VAT threshold of that year. See the Simplified cash basis for small businesses guidance note for more details.
Prior to 2013/14, professionals including barristers and solicitors were able to ca
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