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.

Login or subscribe to

Comments (1)

Rated 0 out of 5 based on 0 voters
This comment was minimized by the moderator on the site

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


There are no comments posted here yet

Leave your comments

  1. Posting comment as a guest.
Rate this post:
Attachments (0 / 3)
Share Your Location


Enjoying the Practical Tax content on 

Sign up now to receive a unique FREE Tax Planning Tips and Advice Guide & our FREE Newsletter.

.Squirrel ad