Unincorporated business Archives

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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 August 202413th August 2024

Using cash basis accounting

2 minutes to readThere are important changes to the rules on cash basis accounting, aimed at driving many more businesses into using the scheme. As a result, most unincorporated businesses will need to decide what to do next. We look at the factors involved, and what moving to the cash basis might mean for you. Our publication gives the …

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Newby Castleman is the trading style of Newby Castleman LLP, a Limited Liability Partnership registered in England and Wales Number OC416058. A list of members’ names is available at the business address. Registered to carry on audit work in the UK and regulated for a range of investment business activities by the Institute of Chartered Accountants in England and Wales.