Understanding the Cash Basis for Tax Planning For unincorporated businesses, starting from 6 April 2024, the cash basis becomes the default method for preparing accounts. Unlike the accruals basis, which matches income and expenses to the relevant accounting period, the cash basis recognizes income only when received and expenses only when paid. This creates strategic […]
Planning for a Business Sale Careful planning is essential for business owners looking to retire or transition ownership. Ideally, planning should begin at least two years before the sale to optimize tax payments and preserve eligibility for Business Asset Disposal Relief (BADR), if applicable. The best approach depends on your financial goals: Minimizing risk and […]