• If a person is in business as either a sole trader or a partnership, they must register for self-assessment with HM Revenue and Customs (HMRC) and notify details of business income using the self-assessment return. Self-assessment and Business Income

  • Income derived from a trade, profession or vocation is taxed as trading income. Trading and Professional Income

  • The period for which accounts are prepared is known as the accounting period and the date to which the accounts are prepared is known as the accounting date. Accounting Periods

  • Accounts are normally prepared on the accruals basis, but businesses with turnover below £150,000 can prepare accounts on the cash basis. Cash Basis

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