Key points
- Cash basis is to be the default for all sole trader and partnership businesses regardless of size.
- Implications of cash basis accounting for advisers.
- On making tax digital quarterly reports will be cumulative and the requirement to submit an end of period statement removed.
- Proposal to merge research and development tax relief schemes will go ahead.
Readers of Taxation will need little reminding that the most interesting parts of a fiscal statement are often not the headline announcements but the developments hidden away in the small print. That is certainly the case this time round: the media attention might all be on the cuts to National Insurance but I want to consider some of the changes that are most likely to have a material effect on the day-to-day work that readers of the magazine are most like to encounter.
Cash basis
I will start off with...