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Tax
You have a choice when sorting out tax on your business: enlist a professional or do it yourself. If you operate as a company, it makes sense to use an accountant*. If you are a sole trader or partner, it can be helpful to use a professional to present your accounts and tax calculations but, provided your business is fairly simple and you have the time, you should be able to do this yourself, and the self-assessment tax system is designed to be workable by non-experts.
The starting point for working out your tax is the profit and loss accounts for your business. Whether you are a company, self-employed or a partnership, your accounts at present must be drawn up in accordance with Generally Accepted Accounting Practice (GAAP) for the UK. ...
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