Business records if you're self-employed - London

Monday, 22 May 2017

Item details

City: London, England
Offer type: Offer
Price: £150

Contacts

Contact name Rajesh Vekaria
Phone 020 8200 0016

Item description

As one of the leading Tax firms London we FinSol Tax Advisors provide experienced and qualified tax advisors who offer wide range of accounting and tax services.
Self-employed: A person is self-employed if they run their business for themselves and take responsibility for its success or failure.
You must keep records of your business income and expenses for your tax return if you’re self-employed as a:
•sole trader
•partner in a business partnership
You’ll also need to keep records of your personal income.
If you’re the nominated partner in a partnership, you must also keep records for the partnership.
Accounting methods
You’ll need to choose an accounting method.
•Traditional accounting
Many businesses use traditional accounting where you record income and expenses by the date you invoiced or were billed.
•Cash basis accounting
Most small businesses with an income of £150,000 or less can use cash basis reporting.
With this method, you only record income or expenses when you receive money or pay a bill. This means you won’t need to pay Income Tax on money you haven’t yet received in your accounting period.
Our accountants have a fully knowledge and they are experts in their field. We provide you the friendly and correct advice so if you want any kind of service contact us today!