Option for Small Businesses to be Taxed on Cash Received Less Cash Spent
This novel idea is going ahead from April 2013, and is available to sole traders and general partnerships with annual turnover less than £77,000. It may sound an attractive option but there are plenty of issues to consider before deciding whether or not it is right for you.
The price for a degree of simplicity is that many tax allowances on business expenses will be restricted. We will advise you on the best decision in your circumstances well before the new option comes in.