Joanne Chilton, Author at Newby Castleman

3rd March 202515th July 2025

Cash basis v. accruals accounting?

3 minutes to readMost unincorporated businesses have now fallen into the cash basis method for calculating their profit and loss rather than the traditional accruals basis. The change took effect on 6 April 2024, so the cash basis becomes the default method for the 2024/2025 tax year. Pros and cons Accruals The accruals basis is more complex, but …

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11th February 202511th February 2025

Cash basis accounting: who is affected?

2 minutes to readMost unincorporated businesses have now fallen into the cash basis method for calculating their profit and loss rather than the traditional accruals basis. The change took effect on 6 April 2024, so the cash basis becomes the default method for the 2024/2025 tax year. Why does this matter? The basis on which accounts are taxed …

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13th January 202513th January 2025

Animal breeders: income declaration

< 1 minute to readIn autumn 2024, HMRC sent letters to cat and dog breeders. These calls for action followed information the authorities had found on gross income earned of £1000 or more, on the sale of animals. The full disclosure of this income to HMRC should have been made by 10 November 2024 with the letter reference. After …

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