Basis period reform only affects some self-employed individuals and partners in partnerships. If you are affected, the way you report your profits for tax purposes changed from the 2023/24 tax year onwards. This page explains what basis periods are, the changes made under basis period reform, who ...

Sole traders and partnerships must prepare business accounts to show the income and expenses of the business for the period covered by the accounts. There are two ways to prepare business accounts- the cash basis which is designed to be a simpler way of preparing accounts, or traditional accounting ...

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 ...