Can someone tell me what the difference is between the Self Employment and Sole Trader chart of accounts? I am doing the tax return for a personel trainer and not 100% sure which I should use?
chart of accounts for self employed is geared towards service type businesses and the sole trader accounts are geared towards small businesses of other varieties.
My clients who are one person service businesses are all small limiteds and a training company that I have which is currently one person offering their services fell more into the sole trader category due to their plans for their business so I've not actually used the self employed chart of accounts myself yet.
Hope that helps even though I haven't used one of the options myself,
kind regards,
Shaun.
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Shaun
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