EOFY cash reporting

If you are still reporting under the Simplified Tax System, you may be able to prepare your tax return on a cash basis (sales income received and bills paid, not sales issues and bills received). Paying a bill on 30th or 1st July can make a difference to your situation.

If you report on an accrual basis – a bill dated in June but not yet paid will still be considered an expense in the 20/21 year.

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