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Small businesses can record income and expenses when money is actually paid rather than when they've invoiced or received
‘Cash basis’ is a way to work out your income and expenses for your Self…
You can use cash basis if you: run a small self-employed business, for…
At the end of the tax year, work out your taxable profit from your cash…
You must keep records of all business income and expenses to work out your…
You can start to use cash basis if you’re VAT registered as long as your…
If you’re a sole trader or partner, cash basis is the default way to work…
Records and paperwork you must keep if you're self-employed as a sole trader or partner in a business: income, costs, profit, how long to keep records.
You must keep records of your business income and expenses for your tax…
You’ll need to keep records of: all sales and income all business expenses…
You must keep your records for at least 5 years after the 31 January…
How to get help with changes to Self Assessment for sole traders and partners whose accounting year does not end on or between 31 March to 5 April.
How to report profit on your Self Assessment tax return from 2023 to 2024 if your accounting year does not end on or between 31 March to 5 April.
Learn more about your responsibilities if you're running a small business including registration, tax returns, record keeping, tax bills and payments.
Use a simpler calculation to work out income tax for your vehicle, home and business premises expenses
Claim capital allowances so your business pays less tax when you buy assets - equipment, fixtures, business cars, plant and machinery, annual investment allowance, first year allowances.
What makes you self-employed, what counts as trading and what to do, including registering for Self Assessment.
Business expenses you can claim if you're self-employed
What you need to do if you set up as a sole trader - check your employment status, understand your obligations, and register for tax.
When and how to include Overlap Relief in your 2023 to 2024 tax return if you have transition profit.
Don’t include personal or financial information like your National Insurance number or credit card details.
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