Hi I have a quick question..

If a sole trader has been under the £15k limit for preparing a self assessment return and therefore only provided limited info on a/cs for the past however many years and now goes over that limit and needs an annual balance sheet + more detailed a/cs for tax etc how best shd the balance sheet be created??

As in previous years all that ws required is a brief income statement (cash accounting) do you effectively have to go back to when the trader began to accurately state the current balance sheet for every year? Or can a rough balance sheet be created somehow as of now?

Hope that makes sense?!

Look forward to hearing back for anyone who can help, this has been bugging me for a while now!