Sole trader annual accounts are usually referred to as ‘financial accounts’, ‘company accounts’ or ‘statutory accounts’.
The main purpose of sole trader annual accounts is to present a comprehensive report of the business’s financial activity during the financial tax year. This is generally a 12 month period running from the 6th April to the 5th April of the following year.
The information from sole trader annual accounts summarises the business’s Tax Return for HMRC and estimates the amount of tax liability.
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