If your business qualifies for the cash accounting scheme (CAS), it’s usually beneficial to use it. Its big advantage is that the trigger date for accounting for VAT on your sales, is when you get paid and not when you supply goods or services to your customers. So you’re not out of pocket (in terms of VAT) if a customer is a slow payer. Plus, you don’t have to deal with the tricky bad debt relief rules, which is all good news for your cash flow.

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Businesses now to use the MTD system after April 2019.

Businesses will not be compelled to use the Making Tax Digital (MTD) system until April 2019 and then only to meet their VAT obligations, the Treasury has announced. This will apply to businesses that have a turnover above the VAT threshold. The smallest businesses will not be required to use the system, although they can do so voluntarily.

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Numerico Chartered Certified Accountants is accredited by the ACCA, which means we are wholly composed of Chartered Certified Accountants and covered by ACCA’s Group Consumer Credit Licence under the terms of the Consumer Credit Act 1974.

 

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