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Legislation

Income Tax (Trading and Other Income) Act 2005

Crossheading Basis of accounting

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Section 24A Cash basis to apply by default
Section 25 Generally accepted accounting practice
Section 25A Cash basis for small businesses
Section 25B Excluded trades
Section 25C Election for profits to be calculated in accordance with GAAP
Section 26 Losses calculated on same basis as profits

Chapter 3 Trade profits: basic rules
Crossheading Basis of accounting

Crossheading Basis of accounting

From legislation.gov.uk

Contents

Section 24A Cash basis to apply by default
Section 25 Generally accepted accounting practice
Section 25A Cash basis for small businesses
Section 25B Excluded trades
Section 25C Election for profits to be calculated in accordance with GAAP
Section 26 Losses calculated on same basis as profits