Nichola Ross Martin takes a pragmatic view of what form of accounts taxpayers should submit to HMRC.
Despite the fact that self-assessment has been with us for over ten years now confusion still arises as to whether and in what format accounts should be submitted to HMRC. It is not surprising, just consider the combinations of requirements imposed:
- Individuals and partnerships, turnover < 15,000 no accounts required to accompany the SA return, and the results are returned in three boxes.
- Individuals and partnerships with a turnover > 15,000 no accounts required as main figures are detailed in SA return entries. Balance sheet: optional
- Partnerships, with a turnover > 15 million, full accounts must be submitted with the return
- Companies of all sizes must submit accoun...