What is Cash Accounting Scheme? | A Comprehensive Guide

The Cash Accounting Scheme is a significant aspect of the UK tax system, particularly for small businesses. Introduced to simplify tax reporting, it allows businesses to align their tax payments with their actual cash flow, thus making it easier to manage finances and tax obligations. This scheme has seen some updates for the 2024/25 tax year, making it even more relevant for business owners to understand its nuances and benefits.