TSCB 13: new Cash Accounting rules 1: Background

Hello! and welcome back.  I know it's been a long time coming, but the Tax for Small Crafting Businesses is now back up & running. What forced me into it? The new changes for small businesses with the new Cash Accounting rules.

In case you're wondering, I've skipped past TSCB 12 - on complex Stock situations (part 2) to concentrate on the new rules.  I'll go back and finish it later on.

Here we go:

As it’s Budget Day today, I thought I’d give you a heads up about the new Cash Accounting rules.  As you know from my previous blog posts in this Tax for Small Crafting Businesses series, all businesses should be using the Accruals Basis.  And as I know from some of the responses I’ve had from you, dear readers, the nuts & bolts of how that works came as a nasty shock to some of you!

This article is going to give the background of why these changes are coming in, and a bit about the key features.  Future articles will explain a bit more about what’s involved and the pitfalls to avoid in deciding whether or not to stick with the current Accruals Basis or move to the new Cash Accounting.

STOP PRESS: The Budget documents have now been released, and whilst the new rules have the green light, some changes have been made.  Have a look at the next article TSCB14 for the updated position as they've moved the goalposts a bit! (Update 20 March 2013 13:49)

The pictures today are sneak previews of products that I've got in development for TootHillMedley.  This first one, individual picnic blankets - don't you hate having your feet near the food or your back to everyone?  The inspiration comes from the EM Forster book Room With a View where they use Gaberdine Squares on damp ground.

Social Networking

I went to the Business Link sponsored StartUp Event for New Businesses at Alnwick Castle yesterday. 

Well, I say Alnwick Castle, there were lots of very thick stone walls but I didn't actually see the Castle, so I think we were in the ducal potting shed!  I did walk past the Tree House restaurant from the carpark though, and have resolved to visit if only to see if the inside is as good as the outside!

I stole that picture from www.johnbrash.co.uk website so if you want one of those in your back garden, that's the place to go!

I learnt a lot - particularly about Social Networking, which I mostly don't really understand and only join in because I feel I should.  So as I suspect I'm not the only one, here's what I learned about Social Networking: