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Could you please tell me if you rent premises to run a bar business, when you are completing a self assessment form for your tax return, do you have to complete a Balance sheet?
Many Thanks
Usually when you do a self assesment, there is a form to complete which you input your business expenses into, which would include the rental costs of the bar
When you say ‘complete a balance sheet’ do you mean do you have to provide a copy? I dont think a balance sheet would be required (unless its changed lately) as it does not provide any detail in the computation of your tax liability, only what the current liability is
Thank you for the reply. Yes I meant do you have to provide a copy of the BS? This is where i think I am getting confused as I thought you had to, but I was finding it hard to understand how you could populate one when the person running the business doesnt own the premises or any other assets.
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