Sole traders and partnerships must prepare business accounts to complete their self assessment tax returns or, from 2026/27 onwards, end of year returns under Making Tax Digital for income tax. Accounts show income and expenses of the business for the accounting period and can be prepared by using ...

Some people have more than one business (sometimes called multiple trades). For example, they may run a dog-walking business and also be a self-employed courier. There are several points to consider if you operate multiple trades, such as preparing accounts, the trading allowance, losses and how ...

There are many steps to working out your taxable profits. This page explains the process.

If you are self-employed or a partner in a partnership, then you must keep adequate records of your business income and expenses in order to prepare an accurate accounts for your annual tax return. This page explains what business records are and how long you need to keep them.If you must follow ...

This page explains how you register as self-employed for income tax and National Insurance contributions (NIC) purposes.

Our PDF guide to self-employment supplements the information in this self-employment section.