Since the turnover limit for starting to use the cash accounting scheme is (from 1 April 2007) £1,350,000, it might seem risky for a person near the maximum turnover limit to start to use the scheme for fear that his turnover will increase and he would therefore soon have to stop using the scheme. However, there is a tolerance so that, once a person has legitimately started to use the scheme, usually he can continue to use it until the annual value of his taxable supplies has exceeded the tolerance limit.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.