From trading activity to tax figures
Your trading results are one part of your personal tax picture. Establish the relevant period and the state of the business records first. A total of money withdrawn from the business is not the same as the profit that needs reviewing.
Income and costs to review
Keep sales records, invoices, receipts and supporting information for costs. Explain mixed business and personal use where it arises. Whether a cost is allowable depends on its nature and the circumstances, so do not assume every payment from a business account qualifies.
Completing the personal return
Other personal income may need to be considered alongside the trading figures. Bring the relevant statements and tell us about changes since the previous return. This helps the filing reflect the whole position rather than just the self-employment section.
If the underlying accounts need work
If the underlying business figures are not ready, sole trader accounts or bookkeeping may be the first task. Explain that when arranging your consultation, especially if the return is already overdue. The sequence of work can then be discussed realistically.
late personal returnsYour questions, answered.
Are sole trader accounts the same as my tax return?
No. Accounts establish the business figures; the tax return uses the relevant information for personal reporting.
What if I have employment income too?
Provide the employment statements too. They may form part of the same personal tax return.
Can I claim a cost without a receipt?
Evidence and the nature of the expense matter. Flag the missing receipt and explain the transaction for review.