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Cash accounting for ltd company?

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Hi All, I am a micro business in the UK. My accountant a few years back suggested I should do cash accounting, which I did. I am an Ltd company (freelancer). I am also in the Flat rate scheme. I am not PAYE registered. however, the other day I saw on the government site that Ltds are not allowed to lead cash-based accounting. Could you please confirm one or the other is true (or whether I can do hybrid accounting and what exactly that means)? If I should have done accrual accounting, how can I quickly sort it out with HMRC. Many thanks, Christina

RustlerAnswer

Hi there,

Thanks for the link, I read that site exactly, hence my question to anybody who is limited company and yet,

doing cash accounting.

I was advised by a chartered accountant so I presumed she knew what she was doing.

Anybody who is limited co and doing cash accounting?

Many thanks again!

I doubt you will find anyone in this community, best option is just start with accrual and move forward, the link is specific, no cash accounting for an ltd, good luck

T

TaliaI

Hello KBO,

We would not be able to advise you on HMRC regulations - you would need to check this with them, who can then advise you of the next steps if this is the case.

Thanks,

Talia

K

KBOAuthor

Hello Talia,

First, thanks for your quick reply. May I ask though; Are you a moderator or a UK accountant?
My question is for an accountant, who is familiar with the UK rules.
Many thanks again,

T

TaliaI

Hello KBO,

Just an Intuit agent :) Hopefully an accountant user will be able to help you!

Thanks,

Talia

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