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The basics of basis period reform: Part 1
Unlocking potential

Small enterprises such as hairdressers, window cleaners and cab drivers are being urged by HMRC to take advantage of the simpler system of recording income and expenses over the tax year.

Firms with an annual income of £79,000 or less can use the cash basis of accounting for money as it goes in and out of the business, rather than employing traditional method centred on accruals.

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