HMRC is reminding businesses to take steps to prepare for Making Tax Digital for Value Added Tax (VAT) before it becomes mandatory for all VAT-registered businesses from 1 April 2022, regardless of turnover.

A sales invoice is an accounting document that records a business transaction. Sales invoices provide the business with a record of the services they’ve provided to a client, when the services were supplied and how much money the client owes the business.

As a sole trader or partnership you can claim back any expenses incurred that relate directly to your business. Claiming as much tax relief as possible will no doubt be one of your biggest priorities as a small business owner.

Making Tax Digital for sole traders will launch in April 2023 and apply to all self-employed people and landlords whose income is over £10,000 annually. For some this will bring about the need for significant change to the way their accounting records are kept.

With many of us having to take a different path in recent times a number have decided to strike out on their own. Plenty of small businesses start life in the home, at the kitchen table or in the spare room and the ever growing online digital world means office space is no longer needed by some.