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Posted Wed, 19 Jan 2022 21:16:50 GMT by Jake Morry
This is my first year submitting a return. If I use traditional accounting this year, can I switch to cash basis next year?
Posted Thu, 20 Jan 2022 12:52:28 GMT by HMRC Admin 2

Yes you can, but you may need to make some adjustments.

You can find guidance here:

How to calculate your taxable profits (Self Assessment helpsheet HS222)

Thank you.

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