Changes to Cash Accounting
In Section 1.30 of the March edition of tax.point, it was advised that HMRC had issued a press release on the extension of the Cash Accounting Scheme (CAS), whereby the threshold for CAS was to be more than doubled from £660,000 to £1.35 million with effect from 1 April 2007. Well, HMRC now reckon that almost 60,000 businesses are eligible for the simpler VAT.
HMRC issued another press release on the changes to the CAS, which is available at http://www.gnn.gov.uk/Content/Detail.asp?ReleaseID=283457&NewsAreaID=2.