Cash basis box

leopoldo_2

I've always ticked the cash basis box on the self-assessment form (or at least since it appeared) but I now realise that I actually use the accrual method (some clients take weeks to pay so I find this simpler). 
Could this cause me any issues in the future? My income and expenditure are 100% accurate and HMRC actually gets all of the money sooner this way so would I be OK simply to refrain from ticking that box in future or have I missed something?

oldbikebloke

you are perfectly entitled to switch between accruals and cash every single year if you want

the only requirement is that you declare the correct figures on your SA which of course therefore must relate to your accounts and therefore if moving between methods would require the correct adjustments so you do not double count income and expenditure across 2 separate tax years: eg invoice in yr 1 under accruals and cash rec'd in yr 2 under cash. 

Cash basis: Getting started - GOV.UK (www.gov.uk)
adjustments link
How to calculate your taxable profits (Self Assessment helpsheet HS222) - GOV.UK (www.gov.uk)

the only time that would ever be checked is if HMRC come calling. Unlikely

furthermore, and crucially, you say you have always done the records on the accruals basis anyway and it would appear declared your figures as per your records , you "simply" ticked the SA cash box when you did not need to. Nothing lost, nothing gained. 

just stop ticking it...

leopoldo_2

Thanks, makes sense