Comment by foldr
7 months ago
As jimnotgym explained, you don't have to 'keep accounts' in any onerous sense. You just need to keep a rough track of the business's income and expenses (which any sensible person would be doing anyway). No-one at HMRC is going through the accounts of very small businesses with a fine tooth comb. You just tell them how much money you made and pay the taxes on it.
> You just need to keep a rough track of the business's income and expenses (which any sensible person would be doing anyway
We are not talking about a business here. The whole problem is that these are things that people are doing as essentially voluntary work.
What your saying would be true in a different context, but this is not business. I do not know whether you find it hard to grasp that some people will put a lot of effort into something for motives other than profit.
Right, so the 'accounts' are correspondingly simple. Essentially just a list of things the company has purchased.