The new self employed tax returns were introduced quite late in the reporting process being published at around the end of the financial year, to which they relate, 2006 07. This should not be a problem to those familiar with the previous small business tax return as the format is similar and presented in a simpler way to facilitate better understanding and accuratepletion.
Self employed businesses are required to keep records of financial transactions without the necessity for formal accounting but must keep sufficient financial records to support the financial entries submitted in the tax return.