RESOURCES & INSIGHTS

FAQs

When do I need to register for self-assessment?

You generally need to register if you are self-employed, a company director, receive untaxed income, or earn income above certain HMRC thresholds.

How long should I keep my financial records?

When does a limited company need to file its annual accounts?

What expenses can I claim if I am self-employed?

Self-employed individuals can normally claim expenses that are wholly and exclusively incurred for business purposes.

HMRC generally requires individuals and businesses to keep financial records for at least five years after the relevant tax return deadline.

Most UK limited companies must file annual accounts with Companies House within nine months after the end of their accounting period.

What records should I keep for my business?

Businesses should maintain records such as invoices, receipts, bank statements, payroll records, and expense documentation. HMRC typically requires records to be kept for several years.

When should a business register for VAT?

Do I need to file a tax return if I am self-employed?

How often should businesses review their financial reports?

A business may need to register for VAT once its taxable turnover exceeds the VAT registration threshold or if it expects to exceed it soon.

Yes. Most self-employed individuals must complete a self-assessment tax return each year to report their income and calculate their tax liability.

Many businesses review their financial reports monthly or quarterly to monitor performance and manage financial risks effectively.

The information provided on this page is intended for general guidance only and does not constitute professional advice. Financial and tax matters depend on individual circumstances, and professional advice should be obtained before making financial decisions.

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