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The cash basis is the most common type of accounting that self-employed people can use.
With it, you can work out your profit based on when money receive or pay money, instead of when you receive or send an invoice (like you would with traditional accounting).
If you’re self-employed, you can choose between cash basis and traditional accounting. Most of the time cash basis accounting will suit you better because you won’t have to pay Income Tax on money you haven’t actually received yet in your bank account.
You might actually use it without realising it if you are simply keeping track of expenses and income as they happen.
Most self-employed people can use it, except for this list of people.
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