Help & Advice
Accruals basis
This is the basis most accountants will use to prepare your business accounts.
The business results are based on invoice dates less bill dates.
Adjustments are required for stock, work in progress or bad debts.
Adjustment are required where you change from one basis to the other.
Losses can be carried forwards, backwards or sideways.
Loan interest paid must relate wholly or partly for business purposes. You can claim that proportion relating to the business.