Sections 17-18 and Schedules 4-5: cash basis for small businesses and fixed rate deductions for expenses.

The article focuses on the Section Seven and Schedule Four of the Finance Act 2013 which offer simplified form of accounting to small businesses. It states that the British Office of Tax Simplification (OTS) has recommended an increase in the limit for joining the cash basis from 30,000 to 79,000 British pounds in 2013-2014. It highlights the application of Generally Accepted Accounting Practice in Great Britain for limited liability partnerships (LLP).