All accounts, whatever the size of the business, must be prepared according to Generally Accepted Accounting Principles (GAAP) unless the business chooses to use cash accounting. This requirement means that you may need to include some sales income in your accounts earlier than you might think.

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Hi
Can you check this HMRC example and confirm the income shown in accounts for the VAT flat rate scheme, please?

https://www.gov.uk/hmrc-internal-manuals/business-income-manual/bim31585

Thanks.

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