Newth Talks Tax - Tax writer of the year John Newth solves your tax questions

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Balance sheet or not?

On 19 December 2006 Brian asked whether it was a statutory obligation to file a balance sheet with the business accounts when sending in a self assessment return.

Dave gave the simple and direct answer of no. However, I would like to expand on this issue. There has been some controversy regarding what one should send in with the self assessment return, particularly in the early days of SA. Some accountants took the view that it was not necessary to submit paper accounts any more, but simply to fill in the various boxes on the SA return. Others took the opposite view, and I am one of them. Others have always taken the view that it is not necessary to file balance sheet in the case of a small and simple business, including members Gerard...

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