What are cash basis and simplified expenses?

Описание: This video explains two key tax schemes that can make managing your taxes easier if you're self-employed or in a partnership. Find out about:
• the key differences between cash basis and traditional accounting
• cash basis becoming the default accounting method from 2024 to 2025
• how to opt out, if you're using traditional accounting
• simplified expenses, also known as flat rates
• using the flat rates for vehicles, working from home and living at your business premises.
We'll guide you through these schemes and how to apply them when keeping records and filling in your tax return.
0:00 Introduction
0:14 What is cash basis
0:25 Changes to cash basis for 2024-25
0:37 Opting for traditional accounting
0:57 What are simplified expenses
1:19 What you can use flat rates for
1:29 Records you need
1:44 Further help and support

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https://www.gov.uk/simpler-income-tax...
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