New Posts For Thread: Anyone familiar with cash basis accounting?https://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accountingAfter having a bust up with my accountant over the cost of their fees and googling some different stuff I see back in 2013/14 the government introduced cash basis accounting as opposed to traditional accounting which you can use as a method to submitignore all creative accountant brass end up room mate with Lesterhttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555963#553555963ignore all creative accountant brass end up room mate with LesterSat, 17 Feb 2018 18:20:47 -0600The end game for MTD is effectively real time accounting ie there will be no need to actively file, just a cut off point. Your accountant may have determined that cash accounting will bring no benefit, if you don't have any cash flow issues it wouldnhttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555875#553555875The end game for MTD is effectively real time accounting ie there will be no need to actively file, just a cut off point. Your accountant may have determined that cash accounting will bring no benefit, if you don't have any cash flow issues it wouldnSat, 17 Feb 2018 17:53:03 -0600its a bit like the gambling,get a system that works and make 10 grand the first year,second year do the same system and double the stakes.and so on doubling each year until you make a millionin other words let the winning system grow.and gamble by hahttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555871#553555871its a bit like the gambling,get a system that works and make 10 grand the first year,second year do the same system and double the stakes.and so on doubling each year until you make a millionin other words let the winning system grow.and gamble by haSat, 17 Feb 2018 17:51:55 -0600you must be going to him more than once a year,it usually only a grand,but he will save you it,because most small businessses pay no tax or very little ,because all profits are written off by the cost of living ,and a new car is always needed for anyhttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555827#553555827you must be going to him more than once a year,it usually only a grand,but he will save you it,because most small businessses pay no tax or very little ,because all profits are written off by the cost of living ,and a new car is always needed for anySat, 17 Feb 2018 17:43:11 -0600Yes, I've seen that, & from what I gather it's going to have a trial period and small businesses with turnover less than vat threshold will be exempt to begin with. What I'm more cross about than anything is not being told about the cash basis systemhttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555825#553555825Yes, I've seen that, & from what I gather it's going to have a trial period and small businesses with turnover less than vat threshold will be exempt to begin with. What I'm more cross about than anything is not being told about the cash basis systemSat, 17 Feb 2018 17:42:28 -0600That's shocking MC. You can do your own bookkeeping, just get some decent cloud accounting software where everything is automated once set up. Just get an accountant to do your annual compliance. MTD is coming 'soon' anyway, although it's stalled a bhttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555791#553555791That's shocking MC. You can do your own bookkeeping, just get some decent cloud accounting software where everything is automated once set up. Just get an accountant to do your annual compliance. MTD is coming 'soon' anyway, although it's stalled a bSat, 17 Feb 2018 17:38:37 -0600Thanks for your help folks, off to bed, see you tomorrow.https://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555789#553555789Thanks for your help folks, off to bed, see you tomorrow.Sat, 17 Feb 2018 17:38:36 -0600No. I'm actually a licensee of a seasonal social club who has recently taken on my stepdaughter as a partner. I'm looking to increase profit while staying below the VAT threshold - cutting or doing away with accountants would help things. In 2016 whehttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555709#553555709No. I'm actually a licensee of a seasonal social club who has recently taken on my stepdaughter as a partner. I'm looking to increase profit while staying below the VAT threshold - cutting or doing away with accountants would help things. In 2016 wheSat, 17 Feb 2018 17:24:19 -0600if you are unlucky to be called in it is nice when you have an accountant because he is the one that will represent you.https://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555685#553555685if you are unlucky to be called in it is nice when you have an accountant because he is the one that will represent you.Sat, 17 Feb 2018 17:21:56 -0600a good account will do all the work for you,but they protect themselves by asking you to sign a form saying that the figures you give them are true and accurate to the best of your knowledge then they will tell yarns for you once they get their coverhttps://community.betfair.com/chit_chat/go/thread/view/94038/30990163/anyone-familiar-with-cash-basis-accounting?post_id=553555601#553555601a good account will do all the work for you,but they protect themselves by asking you to sign a form saying that the figures you give them are true and accurate to the best of your knowledge then they will tell yarns for you once they get their coverSat, 17 Feb 2018 17:12:05 -0600