If you are self-employed (including being a member of a partnership) you always have to complete a tax return. Upon commencement of your self-employment HM Revenue & Customs (HMRC) must be informed, failure to do so will result in a penalty being issued.
Business records relating to your income and expenses need to be kept so that annual trading accounts can be prepared. These accounts will then be used to complete your tax return and to calculate your tax liability.
It is important that accurate records are maintained so that any questions HMRC may have about your return can be answered in a timely manner along with supporting documentation to substantiate your declared tax position.
Invest your time in your business and let us handle your tax affairs for you.
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