Saving time for small businesses
Recapping from our November 13 article detailing how the government is trying to make life easier for small businesses in terms of their tax compliance, the concept of “cash accounting” is still available to those with total income (turnover) under £81,000.
Cash accounting means that income and expenses can be recorded at the time the payment is made rather than according to the date say of treatment or of the invoice.
Whilst this mirrors the VAT threshold, that doesn’t directly apply to doctors and dentists, this way of reporting could be suitable for consultant doctors with a small private practice, associate dentists or even those dental practice owners who are perhaps running a small dental practice from home, with few staff and little to no major expenses.
This method does significantly simplify recording business income and expenses so could be worth discussing this with the team at Figurit
to see if it is a viable option for you.