Summary

This topic examines generally accepted accounting principles, the self-assessment system and business expenses.

In Practice

Requirement to Register for Self-assessment

A person who is in business as a sole trader or in partnership must register for self-assessment. This must be done by 5 October after the end of the tax year in which the business commenced.

For example, a person who starts a business on 1 March 2016 will need to complete a tax return for 2015/16 and must register with HM Revenue & Customs (HMRC) for self-assessment no later than 5 October 2016. Penalties may be charged for registering late.

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