• If a person is in business as either a sole trader or a partnership, they must register for self-assessment with 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 the VAT registration threshold can prepare accounts on the cash basis. Cash Basis

Want to read more?

This content requires a Croner-i subscription.

No Subscription?


Contact us to discuss your requirements.

Book a demo
Call an Expert:

0800 231 5199

Talk to us on

live chat