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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4181
Experience:  FCCA FCMA CGMA ACIS
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Sam I have recorded all my income and expenses on a

Customer Question

Hi Sam
I have recorded all my income and expenses on a cash basis. is that okay for both the statutory accounts and also the CT return?
Thanks
James
Submitted: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years ago.
Hello, I am Keith, one of the experts on Just Answer, and happy to help you with your question.
Yes, it will work; just keep it simple. Remember the on line tax return consists of two parts, a profit and loss account and a balance sheet. Each part must balance with the other otherwise you will have problems.
Don't forget to select the option to have the abbreviated accounts extracted for Companies House and that's another chore dealt with.
I do hope that I have assisted you with your question.
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
I hope it works out OK for you. Personally I detest the on line CT return which takes some time to do whilst with the old paper return you were pushed if it was not done in five minutes!