Premier Accounts Blog

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Tax gap estimated at 5.3% for 2023-24

Tax gap estimated at 5.3% for 2023-24

HMRC missed out on £46.8bn in tax last year. Small businesses and Corporation Tax make up the biggest share of the shortfall.

The tax gap for the 2023-24 tax year has been published and is estimated

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Accounting on a cash basis

Accounting on a cash basis

From April 2024, the cash basis is the default method for sole traders and most partnerships when preparing Self-Assessment returns. Designed to simplify tax reporting, the cash basis lets businesses

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