Self Employed Basic Questions

trix-a-belle

nicenswift said:

My Daughter is now is the process of registering and wanted to say thanks for the great advice so far.
A family member mentioned that if you are self employed you have to have your accounts/tax return done using accounts software like Sage etc. and cannot use a  spreadsheet etc. Is this the case ?
Many thanks

They are probably referring to the Making Tax Digital process which needs a compatible software package or bridging software. Its in the process of being rolled out, currently its only VAT registered companies needing to comply, sole traders needing to comply from April 2023
https://www.simplybusiness.co.uk/knowledge/articles/2020/08/what-is-making-tax-digital/

I use MyBrightbook to log all my sales and purchases for my sole trader business (I am quite a material heavy trade) & upload copies of my receipts to it too, I think they have said they will be able to be used for MTD but not looked into it further myself yet so might be worth a look for her, it very easy to use & gets you into good habits for record keeping. (no affiliation just a very happy customer)