Index
All entries
Every article in the ledger, newest first. The debit column gives what the article asks of you, and the credit column gives what you get back. Rules are stated by tax year, so check dates against GOV.UK.
| Posted | Folio | Particulars | Dr. it asks of you | Cr. it gives back |
|---|---|---|---|---|
| Fo. 6 |  Do I need Making Tax Digital for Income Tax?Thresholds, quarterly dates and the question everyone asks: no, you do not pay tax each quarter. | Four updates a year once you join | Payment dates stay the same | |
| Fo. 5 |  When is Self Assessment due, and what is the first bill?The calendar for the 2025 to 2026 return, followed by a worked first bill showing what payments on account do to the total. | 31 January 2027 for return and tax | No £100 late filing penalty | |
| Fo. 4 |  Cash basis or traditional accounting?Two questions that are often confused: when an item counts, and how it gets written down. | One choice, or staying on the default | No tax on money not yet received | |
| Fo. 3 |  What expenses can a sole trader claim?A sort into two columns, covering the costs that feel like business costs and are not, plus the flat rates for 2026 to 2027. | Every cost sorted, mixed use split | Less profit left to tax | |
| Fo. 2 |  What must a UK invoice include?Nine required items, one sample invoice, and the rules that decide when a business customer has officially paid late. | Nine items on every invoice | A clear date when payment turns late | |
| Fo. 1 |  What records must a sole trader keep?The GOV.UK list is short and the retention period is longer than most people assume. Here is what to keep, and a sample page that would do the job. | Proof of every line, kept at least 5 years after 31 January | Answers ready if HMRC asks | |
| Carried forward: 6 entries. Rules stated by tax year in each. | ||||
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