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Difference between self assessment and final accounts?

  • Member
  • Practice Licence
  • 12 posts
  • # 114795

Hi Folks

I hope you're all well. Please tell me if I'm being really think here - but what is the difference between final accounts and self assessment?
 
Thanks

  • Fellow
  • Practice Licence
  • 33 posts
  • # 114796

Hi,

While final accounts for a sole trader would be reportable on the SA103 form, Self Assessment would include property, employment, partnership, dividend, savings etc income and profits so you would have to take into consideration many factors to be able to calculate and submit the Self Assessment tax return.

I hope this helps!

Eszter

  • Member
  • Practice Licence
  • 12 posts
  • # 114797

Thanks.  When I'm offering my bookkeeping services to the general public, I would need to submit a self assessment for a self employed person (client) rather than a SA103?

  • Fellow
  • Practice Licence
  • 33 posts
  • # 114799

Hi,

You can offer your services to a sole trader as of :
bookkeeping to trial balance

draw final accounts for sole tradersfor this you must hold minimum of AICB

when you have the final accounts you have to submit a tax return which consist of SA100 + supplemetary pages such as SA103 for self employment SA105 Property or SA102 employments pages

To be able to submit the tax return you must have the Self Assessment Taxation exam done

I hope this helps,

Eszter

  • Member
  • Practice Licence
  • 12 posts
  • # 114801

Thanks for you reply.

Regarding final accounts for a sole trader, I presume you mean the P & L account and balance sheet?

 

Thanks

  • Fellow
  • Practice Licence
  • 33 posts
  • # 114803

Yes that is correct!

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