BIM74075 - Abolition of the cash basis: note agreed with the ICAEW

This guidance relates to accounting periods before the issue by the Accounting Standards Board (ASB) of Urgent Issues Task Force (UITF) Abstract 40 in March 2005. UITF 40 applies for accounting periods ending on or after 22 June 2005. Further guidance is at BIM74200 onwards. See in particular Appendix 2 paragraph 1 in BIM74275 in relation to the ICAEW’s guidance TAX30/98 (see BIM74130).

Applies to all professions, but particularly relevant to accountants

In 1998 the Inland Revenue agreed a Guidance Note with the Tax Faculty of the Institute of Chartered Accountants in England & Wales. This Note was published in full in the December 1998 Tax Bulletin, and a copy appears below at BIM74130 onwards. The Note covers all professionals, but is of particular relevance to accountants.