I have read a few posts about this but the one most similar to my situation was unanswered.
I am a sole trader, VAT registered. No intention of giving credit t/over less than £79k.
Cash basis seems best for me but is it properly supported in QF?
How do card & paypal payments affect the cash basis model as they are effectively giving a few days credit?
QuickFile doesn’t support cash accounting really, although you can do it.
The only way to do it would be to not raise the invoice or purchase until the money has left your account, so you have nothing owed showing on your account.
Thanks. sales not too bad but the purchase could get awful complicated or go very wrong.
I’ve found this topic which may be of some help:
http://community.quickfile.co.uk/t/using-cash-basis-with-quick-file/3028
May be worth waiting to see if other users of QuickFile on cash basis will comment on this - they may be of more help than me!
The cash basis model for VAT will calculate VAT based on when invoices are paid. Even if those invoices are paid into a merchant account (e.g. PayPal) and deferred for several days. In accounting terms the invoice is still paid up, irrespective of what deferred terms you have with your card payment provider.
I’m not sure HMRC make any provisions for this type of arrangement on the cash accounting scheme, I would doubt that. In terms of how QF works, when the invoice is paid that’s when it will appear on the VAT return.
Are you talking about cash basis for income tax or cash accounting for VAT?
In either case, I would say that if you don’t give credit (i.e. your sales invoices are always paid up-front) but you do take credit from your suppliers then standard accrual-based accounting would be more beneficial than cash accounting for both income tax and VAT. Your income belongs to the same period under both accounting methods but for accrual accounting you can deduct expenses earlier than you could for cash accounting (at the date of the purchase invoice rather than the date you make the payment). Your accountant would be better placed to advise on your specific situation.
just arrived from wave, would really appreciate the option for cash based accounting re income tax year end - (i see vat has the option already)
surprised the option is not available as most software allows you to select it per business
also suprised more people are not shouting about it as it can really hurt in the tax bill!
otherwise loving quickfile! 
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