Change of accounting date – Overlap profits Overlap profits may arise on a change of accounting date if the new accounting date is less than 12 months from the end of the previous accounting period. This is illustrated by the following example. Example 2 Albert has been a sole trader for many years preparing accounts […]
Category Archives: Sole Trader
02
Sep
Sep
Many sole traders and sub-contractors may think that they are self-employed, but the Taxman might take a different view. It is a common practice for people to hand their clients business card, invoice and letter saying that they are self-employed and responsible for paying their own taxes. This is insufficient to prove that you are […]