I’m trying to complete my first tax return ever (new business, new to Quickfile, etc.) I keep the partnership accounts on the cash basis method, but when calculating the profit & loss Quickfile uses the traditional method so shows a higher turnover as it includes invoices issued but not paid. How do I get round this, please? If possible I want to carry on using cash basis & cash accounting for VAT as it works well for us.
Hi , is there any more recent answer on this? - particularly for cash basis income tax ( i see vat already has the option)
the mtd Periodic Updates report workaround wont allow more than 3 months at a time…
surprisingly messy for such great software
Hello kc101, we decided to use an accountant to prepare our year end accounts and tax returns for simplicity - it’s money well spent as it leaves me to get on with what I do best! They calculate the figures in the standard way (not cash basis) and make the necessary adjustments at the end of each accounting period. We’re still using cash basis for VAT. Hope this makes sense!
Many thanks for this update @MaryJ on such an old post!
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