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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