Sole Trader/Partnership Accounts

Whilst no longer demanded by HM Revenue and Customs under Self Assessment Taxation requirements, the formal accounts still form the essential base from which the Self Assessment is made, as well as providing essential information on the status of the business for the owner and other users.

Should HMRC decide to carry out an investigation, as a fixed percentage are randomly selected each year, then these accounts provide the essential backup information in support of the Self Assessment return figures.

These primarily are the Profit and Loss Report, Balance Sheet and the Asset Depreciation Schedule, and are provided automatically as part of SBA’s services.

These accounting packages are also used by banks for mortgages, or assessing means-tested benefits such as Tax Credits.

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